Individual transferable quotas in achieving multiple objectives of fisheries management

Transferable fishing rights in the form of individual transferable catch quota (ITQ) have been introduced into a large number of fisheries worldwide, mainly to achieve resource sustainability objectives and to improve the economic performance of the fisheries. ITQs have been credited with a number of potential benefits, particularly in relation to fisher incentives and allowing the fishery to adjust in response to changing biological and economic conditions without the need of further actions by managers to reduce fishing effort. While these economic benefits have been realised in some fisheries, others have seen less of an improvement in economic performance and believed to have resulted in adverse social impacts in some cases. This article reviews international experiences of ITQ management to determine the experiences elsewhere in relation to sustainability, economic, social, and governance outcomes, collating the empirical evidence for ITQs in achieving multiple objectives, and highlighting the research gaps.