Very little principal-agent analysis has been done within the fisheries economic literature. This paper conducts a principal-agent analysis of fisheries. Within a standard principal-agent model, the low-cost agent must be allowed the same level of effort as under complete information. This conclusion does not hold for fisheries, because of a resource restriction and the fact that maximisation takes place over two variables. By means of comparative-static analysis, this paper argues that the

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... cost agent must be allowed a larger effort than under complete information. (JEL: D 2, Q 2, L 5) * The authors thank Tove Christensen, Hans Frost, Erik Lindebo, and Urs Steiner Brandt and two anonymous referees for valuable comments on earlier drafts of this paper. Furthermore, we thank Paula Madsen for proofreading.