Individual transferable quotas (ITQs)
- Variable relationship:
This theory has been around since the 1960s (Gordon 1954), and has gradually increased in popularity, both theoretically and empirically (Costello et al. 2008). ITQs have generally been applied to fisheries and considered part of the broader policy of "catch shares." ITQs involve the setting of what is referred to as a total allowable catch, or TAC, and the distribution of individual quotas, or rights (Policy Instrument). The sum of these rights should equal the amount of the TAC. The property regime involved is private, with the rights held by individual fishermen (Property Regime). If the TAC is set in accordance to what is determined to be the maximum sustainable yield (see "numeric management" theory, which is a part of this theory), then the regime should lead to a sustainable outcome for the resource (Commons Condition Trend).
Importantly, for ITQs to be effective, performance (Compliance) has to be monitored so users do not exceed their quotas (External Monitoring) and violations sanctioned (External Sanctions).
- Fisheries (Stock-specific)
- Scientific Field
- Component Type(s)
- Natural Resource Unit
|Property regime||Proximate independent variable||Market based instruments involve a form of private property that grants rights to individuals or corporations.||Private property or Corporate property|
|Governance knowledge use||Proximate independent variable||Numeric management relies primarily on scientific knowledge in order to determine how much of a commons should be used.||Scientific|
|Metric diversity||Proximate independent variable||ITQ's, as an example of numeric management, are designed to optimize a system for a relatively small number of outcomes.||Low|
|Policy instrument||Proximate independent variable||A market-based instrument assigns a portion of the total annual catch in the form of quota.||Market-based instrument|
|Actor scientific knowledge||Moderating independent variable||A high level of scientific knowledge is needed to set an ecologically appropriate catch limit.||High|
|Commons condition trend||Final outcome||The introduction of the quota system and the subsequent distribution of private rights should effectively limit resource harvesting and ameliorate the condition of the commons.||Remained the same or Improved|
|Private property rights and conservation||related|