Assessing efficiency gains from individual transferable quotas: An application to the Mid-Atlantic surf clam and ocean quahog fishery

Delayed fishing fleet restructuring complicates the assessment of efficiency gains from individual transferable quota (ITQ) fisheries management programs. This article presents a methodology to estimate harvest sector efficiency gains in lieu of incomplete fleet restructuring. The methodology is applied to assess the efficiency gains in the Mid-Atlantic surf clam and ocean quahog fishery ITQ program. While roughly 128 vessels harvested clams under the previous management regime, the analysis suggests that 21-25 vessels will remain under ITQs. The efficiency gains are estimated to be between $11.1 million and $12.8 million annually (1990 dollars).