By World Bank
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Some form of property rights should be as-signed to fishing grounds to encourage better allocation of resources and a more holistic approach to stock management, one that takes account of traditional and local as well as national needs and of the need for foreign currency. Research should place more importance on the social and economic factors governing the behavior and strategies of resource users. An under- Page 3 standing of these factors and their effects is necessary to ensure that outside interventions and support programs are suitable for the local context and have a high chance of success.
The ultimate goal is to conduct basic and strategic research at national and regional levels. Attention should also be paid to encouraging private concerns to participate in research programs, which would free public institutions to concentrate on more basic areas. The private sector could invest in areas with low risk and satisfactory returnsfor example, providing technical information on equipment and markets; conducting practical experiments (boat design, aquaculture technology); and analyzing markets and trading practices.
The equilibrium position is sometimes located at a point at which stocks are depleted. As is often said, too many fishers are chasing too few fish. 3 For such sectors as agriculture, which are subject to property rights (with control over access), the owners use only as much capital and labor as is necessary to maximize their net economic revenues (where the difference between their total revenues and total costs is greatest). But in open-access fisheries, any difference between total revenues and total costs amounts to an economic rent4 that is shared by the fishers.