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Abstract
We adapt the concept of a conservation easement to a marine environment and
explore its use to achieve conservation goals. Although marine environments generally
are not owned, those who use them for commercial fishing often are regulated. These
regulations grant harvesters rights to use marine environments in specified ways, and
the possibility of encumbering these rights to achieve conservation goals creates a
potential role for marine easements. We examine this potential under alternative fishery
management regimes and find, generally, that marine easements tend to be most
effective when harvest rights are delineated most fully. Our analysis suggests ways that
marine easements can have flexibility and transactions cost advantages over other
approaches to achieve marine conservation goals. We also propose ways in which the
design of laws allowing marine easements should follow, or depart from, the design of
laws authorising conservation easements on land.