By Nancy Baron

	Christopher Costello (left) and Steven Gaines

An innovative yet contentious strategy for managing fisheries, called “catch shares,” can reverse fisheries collapse, according to a study published in the September 19 issue of Science. Where traditional “open access” fisheries have converted to catch shares, both fishermen and the oceans have benefited.

UCSB scientists Christopher Costello and Steven Gaines are two of the co-authors of this groundbreaking study, which was funded by the Paul G. Allen Family Foundation. Costello, the lead author, is an economist at the Bren School of Environmental Science and Management at UCSB. Gaines is director of UCSB’s Marine Science Institute. John Lynham, assistant professor at the University of Hawaii, is the third author.

“Our data, from over 11,000 fisheries worldwide, suggest that catch shares may be a powerful tool to overcome the widespread decline in global fisheries,” Costello says.

Catch shares are common in New Zealand, Australia, Iceland, and increasingly the United States and Canada. They guarantee each shareholder a fixed portion of a fishery’s total allowable catch, which is set each year by scientists. Much like stock shares in a corporation, these shares can be bought and sold. Each share becomes more valuable when the fish population — and thus the total allowable catch — increases. With catch shares, every shareholder has a financial stake in the long-term health of the fishery.

The results of the study are striking: While nearly a third of open-access fisheries have collapsed, the number is only half that for fisheries managed under catch share systems.

Furthermore, the authors show that catch shares reverse the overall downward trajectory for fisheries worldwide, and that this beneficial effect strengthens over time.

“Under open access, you have a free-for-all race-to-fish, which ultimately leads to collapse,” says Costello. “But when you allocate shares of the catch, then there is an incentive to protect the stock, which reduces collapse. We saw this across the globe. It’s human nature.”

The results of this study are certain to have wide-ranging implications as more fisheries in the United States, Canada, Mexico, and elsewhere consider switching to catch shares systems. It is particularly timely for the West Coast of the United States, where the groundfish fishery — which encompasses more than 80 species including sole, rockfish (snapper), hake, and sablefish (Alaskan black cod) — is likely to transition to catch shares. This paper provides the first global evidence that catch shares lead to better biological outcomes, and contributes an important scientific basis to the discussions. The Pacific Fisheries Management Council, which manages the groundfish fishery on the West Coast, will make their final decision during the week of November 2, 2008.

“The difference is comparable to renting an apartment versus the house you own,” says Costello. “If you own something, you take care of it –– you protect your investment or else it loses value. But there’s no incentive for stewardship when you don’t own the rights to it.”