Proponents of such systems argue that they promote
conservative harvesting by assuring quota holders of a
share of any increase in future harvests achieved
through stock rebuilding. Proponents argue that such
systems also promote efficiency by allowing quota
holders flexibility in the timing and manner of harvesting
their share to reduce costs or to increase product
value. Proponents also contend that ITQ systems reduce
excessive effort by providing a compensated exit strategy
for license holders in overcrowded fisheries, and
stimulate technological progress by increasing the
returns to license holders of investments in research or
improved fishing technology. Opponents of ITQ regimes
argue that such systems lead to monopolization of the
resource through consolidation, force out small operators,
encourage discard of by-catch and high-grading of
the resource to maximize the value of quota, and
exacerbate problems of enforcement [4].