scope for efficient j kennedy latrobe edu au introduction since the of powerful harvesting technologies and growth in demand fish as a food source unregulated stocks are prone to over exploitation collapse game theory has provided reasons anticipating this outcome if stock remains common property resource minimal level regulation prevent is impose total allowable catches tacs that likely ensure biomass high enough bioeconomic models have been used estimate necessary maximise present value future rents from these typically much more stringent hence unpalatable operators industry short term perhaps because date no regulator adopted rent maximisation setting alternatively it may be goals government weighted towards maintenance fishing activity run or community employment considerations than on economic efficiency was expected law sea recognition nations rights declare exclusive zones eezs would allow governments
