> I am not quite sure what you mean by property rights The "property" is the quota, the proportion of the total allowed catch of a species. As you say quotas c

> I am not quite sure what you mean by property rights The "property" is the quota, the proportion of the total allowed catch of a species. As you say quotas can be bought and sold, so they are ordinary property. (The total catch is set annually, sometimes even based on the recommendations of fisheries experts.)