Summary
Despite their ecological and economic importance, Florida’s coral reefs are teetering on the verge of collapse. Scientific studies point to the impact of effluent discharges from municipal storm and wastewater treatment facilities along the coast. Other reports document the physical destruction caused by boat groundings, fishing equipment, and recreational divers. Policy makers seeking to reverse the coral decline are contemplating additional regulations on coastal point sources, increased fines for boat collisions, and extended Endangered Species Act protections. All regulatory in nature, these policies are aimed at equating the private and social costs of reef deterioration.
This report explores the viability of an alternative framework for managing Florida’s coral reefs, one based on clearly defined, secure, and transferable property rights. Rather than relying on the political process to determine the optimal level of reef protection, such property rights would allow voluntary trades to occur between competing reef users, namely divers, anglers, boat captains, conservation organizations, and coastal communities. Already, conservation entrepreneurs have developed methods for growing imperiled coral species in nurseries and replanting them on reefs. A market-based management approach that rewards this kind of innovative stewardship—and creates accountability for reef deterioration—has greater potential to enhance Florida’s coral resources than the command-and-control policies currently under consideration.
Founded 30 years ago in Bozeman, Montana, PERC—the Property and Environment Research Center—is the nation’s oldest and largest institute dedicated to improving environmental quality through property rights and markets.
PERC’s publications, each designed to resonate with specific groups, move ideas generated at PERC to broader audiences.
Research is at the heart of PERC's work, with a focus on the question: What is the link between economic growth and environmental quality?
The goal of PERC’s programs is to fully realize the vision of establishing “PERC University,” where scholars, students, policy makers, and others convene to expand the applications of free market environmentalism.
PERC's fellowships share a common goal of exposing new scholars, students, journalists, and policy makers to free market environmentalism, as well as enable scholars already familiar with FME to explore new applications.
PERC continues to publish and present a broad range of research and discussion through podcasts, videos, and other multimedia channels.