Redistribution of benefits but not detection in a fisheries bycatch‐reduction management initiative

Reducing the capture of small fish, discarded fish, and bycatch is a primary concern of fisheries managers who propose to maintain high yields, species diversity, and ecosystem functions. Modified fishing gear is one of the primary ways to reduce by‐catch and capture of small fish. The outcomes of gear modification may depend on c ompetition among fishers using other similar resources and other gears in the same fishing grounds and the subsequent adoption or abandonment of modified gears by fishers. We evaluated adoption of modified gear, catch size, catch per unit effort (CPUE), yield, and fisher incomes in a coral reef fishery in which a 3‐cm escape gap was introduced into traditional traps. There were 26.1 (SD 4.9) fishers who used the experimental landing sites and 228(SD 15.7) fishers who used the control landing sites annually over 7 years. The size of fish increased by 10.6% in the modified traps, but the catch of smaller fish increased by 11.2% among the other gears. There was no change in the overall CPUE, yields, or per area incomes; rather, yield benefits were redistributed in favor of the unmodified gears. For example, estimated incomes of fishers who adopted the modified traps remained unchanged but increased for net and spear fishers. Fishers using escape‐gap traps had a high proportion of income from larger fish, which may have led to a perception of benefits, high status, and no abandonment of the modified traps. The commensal rather than competitive outcome may explain the continued use of escape‐gap traps 3 years after their introduction. Trap fishers showed an interest in negotiating other management improvements, such as increased mesh sizes for nets, which could ultimately catalyze community‐level decisions and restrictions that could increase their profits.     

Comanagement Practices Enhance Fisheries in Marine Protected Areas

Abstract:  Fishing activities worldwide have dramatically affected marine fish stocks and ecosystems. Marine protected areas (MPAs) with no-take zones may enhance fisheries, but empirical evidence of this is scant. We conducted a 4-year survey of fish catches around and within an MPA that was previously fully closed to fishing and then partially reopened under regulated comanaged fishing. In collaboration with the fishers and the MPA authority, we set the fishing effort and selected the gear to limit fishing impact on key fish predators, juvenile fish stage, and benthic communities and habitats. Within an adaptive comanagement framework, fishers agreed to reduce fishing effort if symptoms of overfishing were detected. We analyzed the temporal trends of catch per unit of effort (CPUE) of the whole species assemblages and CPUE of the four most valuable and frequent species observed inside the opened buffer zone and outside the MPA investigated. After the comanaged opening, CPUE first declined and then stabilized at levels more than twice that of catches obtained outside the MPA. Our results suggest that working closely with fishers can result in greater fisheries catches. Partial protection of coastal areas together with adaptive comanagement involving fishers, scientists, and managers can effectively achieve conservation and fishery management goals and benefit fishing communities and alleviate overfishing.     

Effects of Fisheries Closures and Gear Restrictions on Fishing Income in a Kenyan Coral Reef

Abstract: The adoption of fisheries closures and gear restrictions in the conservation of coral reefs may be limited by poor understanding of the economic profitability of competing economic uses of marine resources. Over the past 12 years, I evaluated the effects of gear regulation and fisheries closures on per person and per area incomes from fishing in coral reefs of Kenya. In two of my study areas, the use of small‐meshed beach seines was stopped after 6 years; one of these areas was next to a fishery closure. In my third study area, fishing was unregulated. Fishing yields on per capita daily wet weight basis were 20% higher after seine‐net fishing was stopped. The per person daily fishing income adjacent to the closed areas was 14 and 22% higher than the fishing income at areas with only gear restrictions before and after the seine‐net restriction, respectively. Incomes differed because larger fish were captured next to the closed area and the price per weight (kilograms) increased as fish size increased and because catches adjacent to the closure contained fish species of higher market value. Per capita incomes were 41 and 135% higher for those who fished in gear‐restricted areas and near‐closed areas, respectively, compared with those who fished areas with no restrictions. On a per unit area basis (square kilometers), differences in fishing income among the three areas were not large because fishing effort increased as the number of restrictions decreased. Changes in catch were, however, larger and often in the opposite direction expected from changes in effort alone. For example, effort declined 21% but nominal profits per square kilometer (not accounting for inflation) increased 29% near the area with gear restrictions. Gear restrictions also reduced the cost of fishing and increased the proportion of self‐employed fishers.     

Trade-Offs in the Design of Fishery Closures: Management of Silky Shark Bycatch in the Eastern Pacific Ocean Tuna Fishery

Abstract:  Bycatch—the incidental catch of nontarget species—is a principal concern in marine conservation and fisheries management. In the eastern Pacific Ocean tuna fishery, a large fraction of nonmammal bycatch is captured by purse-seine gear when nets are deployed around floating objects. We examined the spatial distribution of a dominant species in this fishery's bycatch, the apex predator silky shark ( Carcharhinus falciformis ), from 1994 to 2005 to determine whether spatial closures, areas where fishing is prohibited, might effectively reduce the bycatch of this species. We then identified candidate locations for fishery closures that specifically considered the trade-off between bycatch reduction and the loss of tuna catch and evaluated ancillary conservation benefits to less commonly captured taxa. Smoothed spatial distributions of silky shark bycatch did not indicate persistent small areas of especially high bycatch for any size class of shark over the 12-year period. Nevertheless, bycatch of small silky sharks (<90 cm total length) was consistently higher north of the equator during all years. On the basis of this distribution, we evaluated nearly 100 candidate closure areas between 5°N and 15°N that could have reduced, by as much as 33%, the total silky shark bycatch while compromising only 12% of the tuna catch. Although silky sharks are the predominant species of elasmobranchs caught as bycatch in this fishery, closures also suggested reductions in the bycatch of other vulnerable taxa, including other shark species and turtles. Our technique provides an effective method with which to balance the costs and benefits of conservation in fisheries management. Spatial closures are a viable management tool, but implementation should be preceded by careful consideration of the consequences of fishing reallocation.     

Fishing‐gear restrictions and biomass gains for coral reef fishes in marine protected areas

Considerable empirical evidence supports recovery of reef fish populations with fishery closures. In countries where full exclusion of people from fishing may be perceived as inequitable, fishing‐gear restrictions on nonselective and destructive gears may offer socially relevant management alternatives to build recovery of fish biomass. Even so, few researchers have statistically compared the responses of tropical reef fisheries to alternative management strategies. We tested for the effects of fishery closures and fishing gear restrictions on tropical reef fish biomass at the community and family level. We conducted 1,396 underwater surveys at 617 unique sites across a spatial hierarchy within 22 global marine ecoregions that represented 5 realms. We compared total biomass across local fish assemblages and among 20 families of reef fishes inside marine protected areas (MPAs) with different fishing restrictions: no‐take, hook‐and‐line fishing only, several fishing gears allowed, and sites open to all fishing gears. We included a further category representing remote sites, where fishing pressure is low. As expected, full fishery closures, (i.e., no‐take zones) most benefited community‐ and family‐level fish biomass in comparison with restrictions on fishing gears and openly fished sites. Although biomass responses to fishery closures were highly variable across families, some fishery targets (e.g., Carcharhinidae and Lutjanidae) responded positively to multiple restrictions on fishing gears (i.e., where gears other than hook and line were not permitted). Remoteness also positively affected the response of community‐level fish biomass and many fish families. Our findings provide strong support for the role of fishing restrictions in building recovery of fish biomass and indicate important interactions among fishing‐gear types that affect biomass of a diverse set of reef fish families.     

Fishing the line near marine reserves in single and multispecies fisheries.

Throughout the world "fishing the line" is a frequent harvesting tactic in communities where no-take marine reserves are designated. This practice of concentrating fishing effort at the boundary of a marine reserve is predicated upon the principle of spillover, the net export of stock from the marine reserve to the surrounding unprotected waters. We explore the consequences and optimality of fishing the line using a spatially explicit theoretical model. We show that fishing the line: (1) is part of the optimal effort distribution near no-take marine reserves with mobile species regardless of the cooperation level among harvesters; (2) has a significant impact on the spatial patterns of catch per unit effort (CPUE) and fish density both within and outside of the reserve; and (3) can enhance total population size and catch simultaneously under a limited set of conditions for overexploited populations. Additionally, we explore the consequences of basing the spatial distribution of fishing effort for a multispecies fishery upon the optimality of the most mobile species that exhibits the greatest spillover. Our results show that the intensity of effort allocated to fishing the line should instead be based upon more intermediate rates of mobility within the targeted community. We conclude with a comparison between model predictions and empirical findings from a density gradient study of two important game fish in the vicinity of a no-take marine-life refuge on Santa Catalina Island, California (USA). These results reveal the need for empirical studies to account for harvester behavior and suggest that the implications of spatial discontinuities such as fishing the line should be incorporated into marine-reserve design.     

Sustainable fishing gear: the case of modified circle hooks in a Costa Rican longline fishery

Our research aims to identify longline fishing gear modifications that can improve fishing selectivity and reduce incidental capture of non-target species. Catch rates and anatomical hook locations (AHL) were compared when using a 14/0 standard ??control?? circle hook with a 0° offset and an experimental ??appendage?? hook in a Costa Rican longline fishery. With the appendage, the maximum dimension of the appendage hook was increased by 10% and the minimum dimension of the hook by 19%. A total of 1,811 marine animals were captured during five fishing trips. By taxonomic groups, sea turtles represented the largest total catch (27%), followed by sharks (26%), rays (25%), mahimahi (Coryphaena hippurus) (12%), and tunas and billfish (10%). Non-target and discard species, such as rays and sea turtles, accounted for over half of the total catch. Catch per unit effort (CPUE; number of individuals per 1,000 hooks) was higher with control hooks compared to appendage hooks for all species?? categories except rays; appendage hooks caught 52% fewer sea turtles and 23% fewer tunas and billfish than standard hooks, which represents a significant reduction in bycatch of endangered and other species. No differences were found in the AHL for sea turtles, suggesting use of the appendage may not incur additional advantages regarding turtles?? post-release survivorship. Despite lower catch rates for marketable species, such as sharks and mahimahi, use of the appendage resulted in dramatic reductions in catch rates of sea turtles. The results suggest that large scale adoption of hooks with a significantly wider hook dimension could be an effective conservation measure to maintain marine biodiversity while allowing for continued fishing.     

Socioeconomic Factors that Affect Artisanal Fishers' Readiness to Exit a Declining Fishery

Abstract:  The emerging world crisis created by declining fish stocks poses a challenge to resource users and managers. The problem is particularly acute in poor nations, such as those in East Africa, where fishing is an important subsistence activity but high fishing intensity and use of destructive gear have resulted in declining catches. In this context developing effective management strategies requires an understanding of how fishers may respond to declines in catch. We examined the readiness of 141 Kenyan fishers to stop fishing under hypothetical scenarios of declines in catch and how socioeconomic conditions influenced their decisions. As expected, the proportion of fishers that would exit the fishery increased with magnitude of decline in catch. Fishers were more likely to say they would stop fishing if they were from households that had a higher material style of life and a greater number of occupations. Variables such as capital investment in the fishery and the proportion of catch sold had weak, nonsignificant relationships. Our finding that fishers from poorer households would be less likely to exit a severely declining fishery is consistent with the literature on poverty traps, which suggests the poor are unable to mobilize the necessary resources to overcome either shocks or chronic low-income situations and consequently may remain in poverty. This finding supports the proposition that wealth generation and employment opportunities directed at the poorest fishers may help reduce fishing effort on overexploited fisheries, but successful interventions such as these will require an understanding of the socioeconomic context in which fishers operate.     

Commercial fisheries under price uncertainty

The deterministic models applied in economics of fisheries are extended to comprise price uncertainty and risk aversion among the fishing units. It is proved that in the open-access fishery both the total fishing effort and the number of fishing units are reduced as the variance of the price increases; that the total fishing effort may be smaller in the open-access fishery than in the optimal fishery at a high variance; that only a fixed producer price system can create a first-best optimum, and that a tax on revenue is more efficient than both fishing unit quotas or tax on catch.     

Ecological metrics of biomass removed by three methods of purse-seine fishing for tunas in the eastern tropical Pacific Ocean

An ecosystem approach to fisheries management is a widely recognized goal, but describing and measuring the effects of a fishery on an ecosystem is difficult. Ecological information on the entire catch (all animals removed, whether retained or discarded) of both species targeted by the fishery and nontarget species (i.e., bycatch) is required. We used data from the well-documented purse-seine fishery for tunas (Thunnus albacares, T. obesus, and Katsuwonus pelamis) in the eastern tropical Pacific Ocean to examine the fishery's ecological effects. Purse-seine fishing in the eastern tropical Pacific is conducted in 3 ways that differ in the amount and composition of target species and bycatch. The choice of method depends on whether the tunas are swimming alone (unassociated sets), associated with dolphins (dolphin sets), or associated with floating objects (floating-object sets). Among the fishing methods, we compared catch on the basis of weight, number of individuals, trophic level, replacement time, and diversity. Floating-object sets removed 2-3 times as much biomass as the other 2 methods, depending on how removal was measured. Results of previous studies suggest the ecological effects of floating-object sets are thousands of times greater than the effects of other methods, but these results were derived from only numbers of discarded animals. Management of the fishery has been driven to a substantial extent by a focus on reducing bycatch, although discards are currently 4.8% of total catch by weight, compared with global averages of 7.5% for tuna longline fishing and 30.0% for midwater trawling. An ecosystem approach to fisheries management requires that ecological effects of fishing on all animals removed by a fishery, not just bycatch or discarded catch, be measured with a variety of metrics.     

Quantifying the squeezing or stretching of fisheries as they adapt to displacement by marine reserves

The designation of no‐take marine reserves involves social and economic concerns due to the resulting displacement of fishing effort, when fishing rights are removed from those who traditionally fished within an area. Displacement can influence the functioning of the fishery and success of the reserve, yet levels of displacement are seldom quantified after reserve implementation and very rarely before that. We devised a simple analytical framework based on set theory to facilitate reserve placement. Implementation of the framework requires maps of fishing grounds, fishing effort, or catch per unit effort for at least 2 years. The framework quantifies the level of conflict that a reserve designation might cause in the fishing sector due to displacement and the opportunities to offset the conflict through fisher spatial mobility (i.e., ability of fishers to fish elsewhere). We also considered how the outputs of the framework can be used to identify targeted management interventions for each fishery. We applied the method in Honduras, where the largest marine protected area in Central America is being placed, for which spatial data on fishing effort were available for 6 fisheries over 3 years. The proposed closure had a greater negative impact on the shrimp and lobster scuba fisheries, which concentrated respectively 28% and 18% of their effort inside the reserve. These fisheries could not accommodate the displacement within existing fishing grounds. Both would be forced to stretch into new fishing grounds, which are available but are of unknown quality. These stakeholders will likely require compensation to offset costly exploratory fishing or to travel to fishing grounds farther away from port.     

A simulation model to explore the relative value of stock enhancement versus harvest regulations for fishery sustainability

Harvest restrictions and stock enhancement are commonly proposed management responses for sustaining degraded fisheries, but comparisons of their relative effectiveness have seldom been considered prior to making policy choices. We built a population model that incorporated both size-dependent harvest restrictions and stock enhancement contributions to explore trade-offs between minimum length limits and stock enhancement for improving population sustainability and fishery metrics (e.g., catch). We used a Murray cod Maccullochella peelii peelii population as a test case, and the model incorporated density-dependent recruitment processes for both hatchery and wild fish. We estimated the spawning potential ratio (SPR) and fishery metrics (e.g., angler catch) across a range of minimum length limits and stocking rates. Model estimates showed that increased minimum length limits were much more effective than stock enhancement for increasing SPR and angler catches in exploited populations, but length limits resulted in reduced harvest. Stocking was predicted to significantly increase total recruitment, population sustainability, and fishery metrics only in systems where natural reproduction had been greatly reduced via habitat loss, fishing mortality was high, or both. If angler fishing effort increased with increased fish abundance from stocking efforts, fishing mortality was predicted to increase and reduce the benefits realized from stocking. The model also indicated that benefits from stock enhancement would be reduced if reproductive efficiency of hatchery-origin fish was compromised. The simulations indicated that stock enhancement was a less effective method to improve fishery sustainability than measures designed to reduce fishing mortality (e.g., length limits).     

A Transactional and Collaborative Approach to Reducing Effects of Bottom Trawling

Private‐sector financial and legal transactions have long been used to protect terrestrial habitats and working landscapes, but less commonly to address critical threats in marine environments. Transferrable and marketable fishing privileges, including permits and quotas, make it possible to use private‐sector transactions as conservation strategies to address some fishery management issues. Abating the effects of bottom trawling on the seafloor and bycatch and discard associated with the practice has proven challenging. On the Central Coast of California, The Nature Conservancy (TNC), Environmental Defense Fund, local fishers and local, state, and federal authorities worked collaboratively to protect large areas of the seafloor from bottom trawling for groundfish while addressing economic impacts of trawl closures. Contingent on the adoption of trawl‐closure areas by a federal regulatory agency, TNC used private funds to purchase federal groundfish trawl permits and vessels from willing sellers. Trawl‐closure areas were designed collaboratively by combining regional biological diversity and fisheries data with local fishers’ knowledge. The private transactional strategy was designed to remedy some deficiencies in previous federal buyouts, to mitigate economic impacts from trawl closures, and to carefully align with a public regulatory process to protect “essential fish habitat” under the Magnuson‐Stevens Fishery Conservation and Management Act. This collaborative effort protected 1.5 million ha (3.8 million acres) of seafloor, reduced trawl effort in the area by 50%, and set a precedent for collaborative partnerships between conservation and fishing interests. This is the first time a large conservation organization has taken an ownership position in a fishery and demonstrates how nongovernmental organizations can invest in fisheries to improve environmental and economic performance. Un Método Transaccional y Colaborativo para Reducir los Efectos de la Pesca de Arrastre de Fondo     

The effects on welfare of the imposition of individual transferable quotas on a heterogeneous fishing fleet

This paper examines the determination of effort levels, the rental price of quotas and the number of participants in a fishery managed with a total allowable catch and individual transferable quotas. How these variables change is determined for three phases of the management process. Potential participants in the fishery are assumed to be heterogeneous in their catching capabilities so that almost all active fishers earn positive net profits from fishing activities. It is shown that these quasirents are reduced during any of the management phases considered here. The impact of free allocations of permanent quota rights on fishers’ welfare is also considered. This may increase the welfare of all fishers if the allocation is based on catch history. However, an example is provided where the welfare of some highliners is reduced when the allocation is based on effort history.     

Complementarity of No‐Take Marine Reserves and Individual Transferable Catch Quotas for Managing the Line Fishery of the Great Barrier Reef

Abstract: Changes in the management of the fin fish fishery of the Great Barrier Reef motivated us to investigate the combined effects on economic returns and fish biomass of no‐take areas and regulated total allowable catch allocated in the form of individual transferable quotas (such quotas apportion the total allowable catch as fishing rights and permits the buying and selling of these rights among fishers). We built a spatially explicit biological and economic model of the fishery to analyze the trade‐offs between maintaining given levels of fish biomass and the net financial returns from fishing under different management regimes. Results of the scenarios we modeled suggested that a decrease in total allowable catch at high levels of harvest either increased net returns or lowered them only slightly, but increased biomass by up to 10% for a wide range of reserve sizes and an increase in the reserve area from none to 16% did not greatly change net returns at any catch level. Thus, catch shares and no‐take reserves can be complementary and when these methods are used jointly they promote lower total allowable catches when harvest is relatively high and encourage larger no‐take areas when they are small.     

Assessment of the state and management of the cephalopod trawl fishery resources in Greek waters

The cephalopod trawl fishery in Greek waters is reviewed in relation to fishing effort for 1964–1981. The mean annual (1964–81) catch of cephalopods amounted to 1348 tons. Total landings of cephalopods are very well described by the exponential⁹ and linear²⁹ surplus yield models, according to which optimum fishing effort, maximum sustained yield and optimum catch per unit of fishing effort range between 120000–150000HP, 1586–1630 tons and 10–13kgr/HP respectively. In addition, the analysis revealed that cephalopod resources were slightly overfished (according to the linear model) during 1975–1981. Hence, authorities must take immediate measures for the protection and rational management of cephalopod resources in Greek waters. Possible alternative measures are discussed in the text.     

Analysis of the eastern Pacific yellowfin tuna fishery based on multiple management objectives

Vector optimization techniques were used to generate arbitrary segments of a policy frontier for a dynamic yellowfin tuna (Thunnus albacares) fishery model assuming fixed technology and considering four policy objectives: minimizing dolphin mortality, minimizing incidental catch (all species except dolphins), maximizing sustainable yield, and minimizing biological risk for the yellowfin tuna stock. Results show that along the policy frontier: (1) reducing incidental dolphin mortality increases the incidental catch of other species in a nonlinear way; (2) yield increases (subject to a biomass precautionary level) can only be obtained at the expense of higher levels of dolphin mortality and incidental catch; (3) biological risk increases as the level of tunas caught increases, but this increase depends on the type of fishery (longline fishing and three different modes of purse-seining: log-sets, dolphin-sets or school-sets) that dominates the fishing effort; (4) there is an indirect relationship between the dolphin mortality levels and those of biological risk; (5) there is a direct relationship between the incidental catch levels and biological risk. Catch obtained with dolphin-sets dominates the Pareto-optimal solutions with highest dolphin mortality levels but is associated with lower biological risk, whereas catch obtained with log-sets dominates in Pareto-optimal solutions with higher incidental catch and higher biological risk. In general, trade-offs or shadow prices among objectives are not linear, indicating that marginal costs vary along the policy frontier. Results of the trade-off analysis may provide useful information for decision-makers and other policy actors. Complete information about the preferences of the decision-makers regarding the objectives is necessary to recommend a specific management policy.     

What are we protecting? Fisher behavior and the unintended consequences of spatial closures as a fishery management tool

Spatial closures like marine protected areas (MPAs) are prominent tools for ecosystem-based management in fisheries. However, the adaptive behavior of fishermen, the apex predator in the ecosystem, to MPAs may upset the balance of fishing impacts across species. While ecosystem-based management (EBM) emphasizes the protection of all species in the environment, the weakest stock often dominates management attention. We use data before and after the implementation of large spatial closures in a North Pacific trawl fishery to show how closures designed for red king crab protection spurred dramatic increases in Pacific halibut bycatch due to both direct displacement effects and indirect effects from adaptations in fishermen's targeting behavior. We identify aspects of the ecological and economic context of the fishery that contributed to these surprising behaviors, noting that many multispecies fisheries are likely to share these features. Our results highlight the need either to anticipate the behavioral adaptations of fishermen across multiple species in reserve design, a form of implementation error, or to design management systems that are robust to these adaptations. Failure to do so may yield patterns of fishing effort and mortality that undermine the broader objectives of multispecies management and potentially alter ecosystems in profound ways.     

Functional response of sport divers to lobsters with application to fisheries management.

Fishery managers must understand the dynamics of fishers and their prey to successfully predict the outcome of management actions. We measured the impact of a two-day exclusively recreational fishery on Caribbean spiny lobster in the Florida Keys, USA, over large spatial scales (>100 km) and multiple years and used a theoretical, predator-prey functional response approach to identify whether or not sport diver catch rates were density-independent (type I) or density-dependent (type II or III functional response), and if catch rates were saturated (i.e., reached an asymptote) at relatively high lobster densities. We then describe how this predator-prey framework can be applied to fisheries management for spiny lobster and other species. In the lower Keys, divers exhibited a type-I functional response, whereby they removed a constant and relatively high proportion of lobsters (0.74-0.84) across all pre-fishing-season lobster densities. Diver fishing effort increased in a linear manner with lobster prey densities, as would be expected with a type-I functional response, and was an order of magnitude lower in the upper Keys than lower Keys. There were numerous instances in the upper Keys where the density of lobsters actually increased from before to after the fishing season, suggesting some type of "spill-in effect" from surrounding diver-disturbed areas. With the exception of isolated reefs in the upper Keys, the proportion of lobsters removed by divers was density independent (type-I functional response) and never reached saturation at natural lobster densities. Thus, recreational divers have a relatively simple predatory response to spiny lobster, whereby catch rates increase linearly with lobster density such that catch is a reliable indicator of abundance. Although diver predation is extremely high (approximately 80%), diver predation pressure is not expected to increase proportionally with a decline in lobster density (i.e., a depensatory response), which could exacerbate local extinction. Furthermore, management actions that reduce diver effort should have a concomitant and desired reduction in catch. The recreational diver-lobster predator-prey construct in this study provides a useful predictive framework to apply to both recreational and commercial fisheries, and on which to build as management actions are implemented.     

An agent-based model for simulating trading of multi-species fisheries quota

Individual transferable quotas (ITQs) are increasingly seen as a way to make fisheries more profitable and halt over-capitalisation. ITQs allocate to users of a resource a share of a total allowable catch (TAC) which they are free to use, lease, or sell. We outline an approach to modelling the effect of an ITQ system in a multi-species, multi-sector fishery and apply it to the Coral Reef Fin Fish Fishery (CRFFF) in Queensland, Australia. An ITQ model, based on the assumption that operators seek to maximize profits, simulates the use of tradeable quota units by operators in the fishery, taking account of the initial quota allocation to operators, seasonal fish prices and individual operator variable costs, their fishing efficiency and experience, and constraints on vessel movements. Rationalization of the fishery is predicted to occur under an ITQ system for the CRFFF, which will lead to reductions in effort, increases in profits, and changes over time in quota prices. The ecological consequences of transferable quota in the multi-species fishery are seen in the catch and discard levels of the less profitable species, even though a TAC was set. This had flow-on effects on biomass. For example, simulations showed that the TAC for the primary target species, coral trout, was used more fully than that for a less valuable target species, red throat emperor, and that this was achieved through increased discarding of red throat emperor. Catches of both coral trout and red throat emperor that were derived from the model were higher than those recently observed in the fishery. The effort predicted by the model, however, closely approximated the actual effort observed in the fishery following implementation of ITQ management.