8. The world’s oceans are in trouble. Recently, experts have noted that stocks of fish are declining as the seas’ resources are overused. Governments are increasingly becoming interested in ways of preserving fish stocks by limiting the catch. Consider the following four ways of doing so.

• Assign property rights so that each shipping vessel is assigned a specific patch of ocean to catch fish in.

• Tax fishing vessels heavily so as to reduce the number of such vessels that go out into the ocean.

• Impose strict quotas on the amount of each species that a fishing vessel can catch.

• Issue tradable permits to all fishing vessels such that the sum of the catch allowed by the permits is the desired catch limit.

Which of these do you think is the best way to accomplish the conservation of the resource (fish in the ocean) efficiently? Explain.