The Problem
To properly manage fisheries, it is necessary to recognize that fishing is an economic activity. Markets and prices will allocate scarce resources. Traditionally, open access resources have not been viewed as scarce. Rather than the contractual exchange that occurs in a market, fish are considered a capture resource.
Producers, in this case, fishermen, will combine inputs in a way that maximizes output. The efficiency of the process is determined by the ratio of marginal costs to the marginal value of product. Higher output prices will generate higher input use. For fisheries, this is part of the problem. Another measure of efficiency is cost effectiveness. This occurs when a given amount of output is produced at the lowest cost.
Rent is the difference between the cost of supplying a good and the good's market price. It is the value retained by a factor of production, beyond the cost of using it. Rents generally accrue to the owner of the resource. Fishery rents are captured by fishermen.