Articles cover a wide variety of recent topical issues in fisheries economics and the latest developments in the field, including marine protected areas, individual transferable quotas, fisheries subsidies, habitat values, data fouling, and rotational management of sedentary fishery resources. Seven of the articles were presented at the 2005 North American Association of Fisheries Economics Forum at the University of British Columbia in Vancouver, Canada.

A true landmark publication, Advances in Fisheries Economics brings together many of the world’s leading fisheries economists to authoritatively cover the many issues facing the field of fisheries economics and management today. Compiled in honour of the work and achievements of Professor Gordon Munro of the University of British Columbia, Canada, this exceptional volume of research serves as both a valuable reference tool and fitting tribute to a man whose work has shaped the discipline. Divided into four sections, the text includes coverage of: • Property Rights and Fisheries Management • Capital Theory and Natural Resources • Game Theory and International Fisheries • Applied Fisheries Economics and Management The book is an important addition to the resources of all fisheries economists, managers, scientists and fish biologists. Libraries in universities and research establishments where these subjects are studied and taught should have copies on their shelves. About the Editors Dr. Trond Bjørndal is Professor of Economics, Centre for Fisheries Economics, Institute for Research in Economics and Business Administration, Bergen, Norway and Director, CEMARE, University of Portsmouth, England. Dr. Daniel V. Gordon is Professor of Economics, University of Calgary, Canada and Distinguished Research Fellow, Centre for Fisheries Economics, Institute for Research in Economics and Business Administration, Bergen, Norway Dr. Ragnar Arnason is Professor of Economics and the Chairman of the Institute of Economic Studies, University of Iceland. Dr. U. Rashid Sumaila is Director of the Fisheries Economics Research Unit, Fisheries Centre, University of British Columbia.

Fisheries resources are an important component of natural resources. It is an important source of high-quality animal protein and food for humans, which provides employment, economic benefits and social welfare for people engaged in fishing activities. It also has played an important role in food safety, economic development, and foreign trade. Fisheries resources economics is an important branch of both applied economics and resource economics. Its research object is fishery resources and its economic problems. The economics of fishery resources is to focus on the relationship between the demand for human economic activities and the supply of fishery resources, as well as between fishery resources and its development. This book expounds the reasons for the economic problems of fishery resources and the theoretical principles for solving them, so as to reveal the objective rules of the allocation of fishery resources in different regions and at different times, to coordinate the relationship between the utilization of fishery resources and economic development, and to realize the sustainable development of fishery economy. This book will also provide learning materials for undergraduates, graduate students and practitioners engaged in fishery resources development and scientific management.

'The Sunken Billions: The Economic Justification for Fisheries Reform' shows the difference between the potential and actual net economic benefits from marine fisheries is about $50 billion per year, or some $2 trillion over the last three decades. If fish stocks were rebuilt, the current marine catch could be achieved with approximately half the current global fishing effort. This illustrates the massive overcapacity of the global fleet. The excess competition for the limited fish resources results in declining productivity, economic inefficiency, and depressed fisher incomes. The focus on the deteriorating biological health of world fisheries has tended to obscure their equally critical economic health. Achieving sustainable fisheries presents challenges not only of biology and ecology, but also of managing political and economic processes and replacing pernicious incentives with those that foster improved governance and responsible stewardship. Improved governance of marine fisheries could regain a substantial part of this annual economic loss and contribute to economic growth. Fisheries governance reform is a long-term process requiring political will and consensus vision, built through broad stakeholder dialogue. Reforms will require investment in good governance, including strengthening marine tenure systems and reducing illegal fishing and harmful subsidies. Realizing the potential economic benefits of fisheries means reducing fishing effort and capacity. To offset the associated social adjustment costs, successful reforms should provide for social safety nets and alternative economic opportunities for affected communities.

Capture fisheries make contributions to the world economy that are below their potential. Many of the world's capture fishery resources have been overexploited with some facing collapse. This book presents an overview of the current economics of capture fisheries and examines how they can achieve their full economic potential

The fishing industry's critical dependence on the natural environment makes it very different from other economic sectors. The industry comprises everything from operator-owned small boats to large corporations operating fleets of high-tech trawlers or purse seiners processing their catches into finished products. All however exploit a common resource. This book provides an introduction to the economics of the fishing industry and the role of fisheries in the world economy. It focuses primarily on capture fisheries, although the discussion brings in wider acquaculture for comparative analysis. Trade in fish products and how it has developed is highlighted, as well as the main rules governing the fish trade. The basic concept of sustainable yield is explained and how economically optimal exploitation is used to avoid overexploitation. The book discusses the variability of fish stocks and uses case studies of some spectacular stock crashes that have occurred. The law of the sea is explained and how the movement of fish stocks across ocean boundaries has meant the development of government and inter-governmental bodies to manage international fisheries. At the heart of this management lies the quota system and the book outlines how it works and how, controversially, such quotas have become transferable and have acquired elements of private ownership. The regulation of the fishing industry is shown to be fundamental to prevent the possible total depletion of fish stocks, yet political pressure from the industry and from pressure groups can make the industry less efficient than it could be. Wider questions about whether fisheries management should only be about food production are also considered. The book offers readers a comprehensive and rigorous guide to the economic considerations motivating the industry and highlights the environmental challenges facing the sector as global consumption of fish continues to rise.

Environmental problems like global climate change and stratospheric ozone depletion can only be remedied if states cooperate with one another. But sovereign states usually care only about their own interests. So states must somehow restructure the incentives to make cooperation pay. This is what treaties are meant to do. A few treaties, such as the Montreal Protocol on Substances that Deplete the Ozone Layer, succeed. Most, however, fail to alter the state behaviour appreciably. This book develops a theory that explains both the successes and the failures. In particular, the book explains when treaties are needed, why some work better than others, and how treaty design can be improved. The best treaties strategically manipulate the incentives states have to exploit the environment, and the theory developed in this book shows how treaties can do this. The theory integrates a number of disciplines, including economics, political science, international law, negotiation analysis, and game theory. It also offers a coherent and consistent approach. The essential assumption is that treaties be self-enforcing-that is, individually rational, collectively rational, and fair. The book applies the theory to a number of environmental problems. It provides information on more than three hundred treaties, and analyses a number of case studies in detail. These include depletion of the ozone layer, whaling, pollution of the Rhine, acid rain, over-fishing, pollution of the oceans, and global climate change. The essential lesson of the book is that treaties should not just tell countries what to do. Treaties must make it in the interests of countries to behave differently. That is, they must restructure the underlying game. Most importantly, they must create incentives for states to participate in a treaty and for parties to comply.