What is an individual transferable quota (ITQ)? How can it be used with the total allowable catch (TAC) for making fishing more efficient and sustainable?
What will be an ideal response?
Individual transferable quotas (ITQs) also limit the individual catch size by a fisher to a specified quantity. This policy provides disincentives use bigger boats under a TAC system alone because each fisher has a specified catch limit, and thus it reduces fishing costs. The ITQs issued will also add up to TAC limit so the fish population can be sustained. It also encourages fishing to be done at the least cost because ITQs are tradable quotas. An ITQ held by a fisher who is less efficient at fishing can be traded to one who is more efficient at fishing. The overall result is that there will be efficiency gains for society and fishing will be less costly.
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