ABSTRACT
THESEISBIODIVERSITYFORWHICHFEWATTEMPTSHAVEBEENMADETOBUILDACCOUNTS4HE PROBLEMSOFDElNITIONANDQUANTIlCATIONARESUFlCIENTLYDIFlCULTTHATITHASSIM PLYSEEMEDMOREEFlCIENTTOCONCENTRATELIMITEDACCOUNTINGRESOURCESONSUBJECTS EXPECTEDTOYIELDUSEFULRESULTSMOREEASILY3IMILARLYLITTLEEFFORTHASGONEINTOSYS TEMATICACCOUNTINGFORENVIRONMENTALSERVICESORQUALITYMOSTWORKINTHESEAREAS FOCUSINGONTHEQUANTITYOFRESOURCESmOWINGINTOANDOUTOFTHEECONOMY!IRAND WATERQUALITYCLEARLYAREVERYIMPORTANTISSUESBUTACCOUNTINGFORENVIRONMENTAL QUALITYITSELFˆASOPPOSEDTOmOWSOFPOLLUTANTSINTOTHEENVIRONMENTˆDOESNOT LENDITSELFTOSIMPLESOLUTIONS-UCHMOREWORKMUSTBEDONEBEFORETHERESOURCE ACCOUNTSWILLBEABLETOCAPTUREALLTHEIMPORTANTISSUESWEMIGHTLIKETHEMTO ADDRESS
&ISHERIES RAISEANUMBEROFENVIRONMENTALCONCERNS THATMIGHTBEADDRESSED THROUGHTHEDEVELOPMENTOFASSETANDmOWACCOUNTSFORTHERESOURCE
N /VERlSHING"ECAUSEMANYlSHERIESAREOPEN ACCESSRESOURCESANDITISDIFl CULTTOKNOWTHESIZEOFTHESTOCKlSHTENDTOBEHARVESTEDATRATESTOOHIGHTO SUSTAIN5NMANAGEDlSHERIESAREANEXAMPLEOFWHATISKNOWNASTHEhPRISON ERSDILEMMAv4HISTERMDERIVESFROMASITUATIONINWHICHTWOPRISONERSBOTH WILLBEBETTEROFFIFTHEYCOLLUDEINTHESTORYTHEYTELLABOUTTHEIRCRIMES.EITHER
BOTHENDUPWORSEOFFASARESULT)NTHElSHINGAPPLICATIONALLlSHERSAREBET TEROFFIFTHETOTALCATCHISKEPTATSUSTAINABLEYIELDASTHATWILLGUARANTEETHEM ANINCOMEINPERPETUITY4OACHIEVETHISEQUITABLYEACHlSHERSHOULDLIMITHIS ORHEROWNCATCHTOASHAREOFTHETOTALSUSTAINABLEYIELD"UTINDIVIDUALlSH ERSOFTENDONOTTRUSTTHEOTHERSTOLIMITTHEIRCATCHES)FONElSHEROBSERVESTHE LIMITSBUTTHEOTHERSDONOTTHENTHEONEFOLLOWINGTHERULESWILLBEWORSEOFFIN BOTHTHESHORTANDTHELONGRUNTHANIFHEORSHEDIDNOTFOLLOWTHERULESEITHER )NANATMOSPHEREOFDISTRUSTTHEREFOREEACHINDIVIDUALHASANINCENTIVETOHAR VESTASMUCHASPOSSIBLEINORDERTOCAPTUREATLEASTASHAREOFTHERESOURCEWHILE ITLASTS
N /VERCAPITALIZATION4HISPROBLEMISRELATEDTOTHEPREVIOUSONE4HEOPENNATURE OFTHERESOURCEMEANSTHATTOOMANYPEOPLETENDTOENTERTHEINDUSTRY/NCE THEYHAVEINVESTEDINBOATSANDOTHEREQUIPMENTTHEYCANNOTAFFORDNOTTOlSH EVENIFYIELDSARELOWANDDROPPINGBECAUSEOFTHElXEDCOSTSOFREPAYINGTHEIR LOANS!SLONGASTHEYCATCHENOUGHTOCOVERTHEMARGINALCOSTSOFTAKINGTHE BOATOUTRATHERTHANLEAVINGITINPORTTHEYWILLlSHEVENIFINTHELONGRUNTHEY AREGOINGTODEPLETETHElSHSUPPLY
N "YCATCH4HISREFERSTOTHECAPTUREOFlSHOTHERTHANTHEKINDSOUGHTFORCOM MERCIALPURPOSES"YCATCHCANTHREATENOTHERSPECIESANDTHUSCONSTITUTESASIG NIlCANTNEGATIVEEXTERNALITYOFTHElSHINGINDUSTRY&ISHERIESACCOUNTSCANCAP TURETHESEIMPACTSIFTHEYCANIDENTIFYYIELDSBYSPECIESINCLUDINGTHOSETHATARE NOTSOLDORARETHROWNBACKINTOTHEWATER
N )MPACTOFCOASTALACTIVITYONTHElSHERY7ATERQUALITYISASIGNIlCANTCONCERN INTHEHEALTHOFAlSHERY)NDUSTRIALPOLLUTIONSEWERSYSTEMDISCHARGESRUNOFF FROMSTREETSANDlELDSANDSEDIMENTATIONCANALLHARMCOASTALlSHERIES4HESE IMPACTSCOULDBECAPTUREDAT THENEXUSOF FISHERIESACCOUNTSANDPOLLUTION ACCOUNTSIFTHERESIDUALSDATAHAVEASPATIALELEMENTWITHWHICHTODETERMINE WHEREPOLLUTIONOCCURS
4HECONSTRUCTIONOFlSHERIESACCOUNTSREQUIRESTHESAMEBASICSTEPSASOTHER ASSETACCOUNTINGDElNINGTHEASSETUNDERCONSIDERATIONMEASURINGTHEPHYSICAL STOCKSMEASURINGPHYSICALCHANGESINTHESTOCKSDUETOHUMANACTIVITYANDNATU RALGROWTHORDECLINEVALUINGTHESTOCKSANDSOON$IFlCULTIESARISEINTHECASEOF lSHERIESBECAUSELIKEMINERALSTHEYARELARGELYINVISIBLE&ISHERIESAREEVENHARDER TOTRACKBECAUSEUNLIKEMINERALSTHElSHMOVEANDWEDONOTALWAYSKNOWWHERE THEYGOSODETERMININGWHAThBELONGSvTOWHICHCOUNTRYCANBETRICKY
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VESTTHEMINSETQUANTITIES4HEQUOTASTHEMSELVESARESOMETIMESTRADABLE4RAD ABLEQUOTASAREANALOGOUSTOMARKETABLEPERMITSTOEMITPOLLUTIONWHICHWEREDIS CUSSEDIN#HAPTER4HEQUOTASAREACCOUNTEDFORASASSETSDISTINCTFROMTHElSH STOCKSTHEYARECLASSIlEDASINTANGIBLENONPRODUCEDASSETSINTHE3.!
