Property rights and property wrongs: Why context matters in fisheries management

Like most wild living resources, fish present a complex management challeng e. Given the failure of command and control regulatory regimes to protect f isheries, scholars and practitioners have advocated the use of property rig hts to rectify the fisheries crisis. This meta analysis argues that propert y rights can be used constructively as a regulatory measure in the sustaina ble management of fisheries, and perhaps in other areas of resource managem ent. However, the use of property rights to resolve resource problems is co ntext dependent, and no single regulatory option or policy is appropriate f or the multi-faceted and highly variable world of fisheries management. Thi s paper characterizes and contrasts three regulatory regimes in fisheries m anagement in the United States, while drawing from lessons learned worldwid e about fisheries regulation. The paper defines the conditions where proper ty rights might be used appropriately-property 'rights' - as well as where property rights might be used inappropriately - property 'wrongs.'