The bluefin tuna is highly valued among sushi chefs and consumers.This tuna is unusual in that it is warm-blooded.The bluefin communities are off the east coast of the U.S. and the west coast of the U.K., France and Spain.Bluefin regularly commute across the Atlantic, roaming outside the 100 mile coastal zone controlled by the U.S.While the bluefin is not an endangered species (yet), the population has decreased by 85 percent since 1970, with 60 percentage points of the decrease occurring between 2000 and 2009.

The International Commission for the Conservation of the Atlantic Tuna (ICCAT) is responsible for conserving the bluefin. However, that group has never had any enforcement power, acting in mainly an advisory capacity. In 2009 ICCAT scientists recommended a catch quantity of zero. The Commission set a quota of 13,500 tons.

The incentives to catch bluefin are very large. In January 2011 a 754 pound bluefin sold for almost $400,000. That's $530 per pound.

According to standard environmental economics, rational fishers will only continue to fish as long as marginal revenue exceeds marginal fishing effort. Technological improvements such as Garmin's Fish-Finder and other sonar devices have reduced the cost per unit of fishing effort, increasing the profit-maximizing catch size.

Question: How should the problem of overfishing the bluefin be handled?