Quota allocation, which divides fishing catch or effort between regions, sectors, subsectors, individuals, and/or seasons, is one of the most important and contentious processes in fisheries management. Quota allocation policies often aim to advance fairness and equity goals by preserving levels of historical participation and access. However, this reliance on historical patterns makes allocation policies vulnerable to climate...

There have been few documented extinctions of fished species, but many bioeconomic models predict that open‐access incentives make extinction possible. Open‐access multi‐species fisheries can cause species' extinction if other, faster‐growing species maintain profits at fatal effort levels. Even target species can be profitably harvested to extinction if their prices rise sufficiently as they are depleted. Here, we explore int...