ABSTRACT
Fisheries are renewable resources. If fishers avoid excess harvesting, such resources can be used sustainably. However, when fish stocks are open access resources lacking proper management schemes, it is generally difficult to avoid excess investment and a “race to fish.” As noted by Hardin (1968), the race to fish results in overexploitation, which may be both biological and economic. In the worst case, a certain fish species may become extinct or at least so depleted that it becomes too costly for fishers to harvest.
