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Fishbanks Simulation Instructors Guide: Setup and Player


Briefing
John Sterman, Andrew King

Abstract
Fishbanks is a simulation of an open-access fishery in which players compete to maximize the
economic value of their fishing companies. The simulation exposes participants to the Tragedy of
the Commons, the dynamics of renewable resources, and the challenges of designing, implementing
and enforcing policies for sustainable resource management. The current version is an interactive,
web-based simulation, freely available at the MIT Sloans LearningEdge site, along with other
interactive management flight simulators. The web-based version described here updates and extends
the classic game designed by Dennis Meadows. In its various forms, the game has been played
thousands of times around the world, with players ranging from elementary students to senior
business and government officials. Here we cover how to set up and play the game. A companion
teaching note provides material instructors can use to debrief the results.
Fishbanks is a dynamic, multi-player game in which players seek to maximize their net worth in an
open-access fishery. The simulation interface provides players with information about current
competitive and resource conditions. During each round, players make two types of decisions: (1)
they can change the size of their fleet by buying, selling, or ordering ships, and (2) they decide how to
use their fleet by sending their ships to the deep sea fishery, the coastal fishery, or keeping them in the
harbor. Players can also try to negotiate agreements to manage the fishery more sustainably and
equitably, and the game allows administration of fishing quotas, permits, boat buyback programs, and
other policies players may wish to implement.
This guide was prepared by Professors John Sterman, the Jay W. Forrester Professor of Management at the MIT Sloan School
of Management and Director of MIT's System Dynamics Group, and Andrew King, Tuck School of Business, Dartmouth
College.
Copyright 2011, John Sterman and Andrew King. This work is licensed under the Creative Commons AttributionNoncommercial-No Derivative Works 3.0 Unported License. To view a copy of this license visit
http://creativecommons.org/licenses/by-nc-nd/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San
Francisco, California, 94105, USA.

FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

Fishbanks can be played with 1 to 10 teams (fishing companies) per ocean; 6-8 teams, with 2 to 4
people on each team (about 10 to 50 people in total), are best. To accommodate larger groups,
multiple oceans can be played simultaneously. (We have run the simulation with 90 people in three
oceans.) An umpire (e.g. the workshop leader) monitors and paces each game. The simulation
keeps track of fish stocks, stock recruitment (growth in the stock), the catch per ship, profits and
losses, the market value of ships, and other information. The game can be run in a workshop or
classroom in a typical 80-minute class period. It also supports an asynchronous mode in which
students make decisions any time during a specified interval such as a day over the course of a week.
Instructors who register with LearningEdge will find additional teaching resources including a video
teaching note demonstrating the game, a full teaching note with debriefing guide, and slide decks for
briefing and debriefing.
Table of Contents
1. Key Lessons
2. Before You Run a Game
a. Game Mode and Group Size
b. Choosing Settings
c. Authorizing Users
3. Class Plan for a Workshop (Live) Session
a. Room Setup and Seating
b. Introduction and Instructions
c. Logging In and Simulation Orientation
d. Starting Play
e. Normal Play
f.

Crisis

g. Resolution
h. Game Wrap
4. Appendix 1: Example configurations
5. Appendix 2: Administering and Managing Regulation as an Instructor
6. Appendix 3: Tips for Playing Asynchronously
7. References

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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

Key Lessons
Fishbanks creates the opportunity for people to learn fundamental lessons about the sustainable
management of renewable resources. These lessons include:
Resource Dynamics: Renewable resource stocks are reduced as extractors harvest the resource or as
a result of inadvertent so-called side effects of other economic activity (e.g., sewage dumped in a
river, greenhouse gases released into the atmosphere). To be sustainable, resource extraction and
degradation must be balanced by regeneration and renewal: fish can be taken no faster than they
reproduce, trees can be cut no faster than new ones grow, carbon dioxide can be emitted into the
atmosphere no faster than it is removed. Regeneration and renewal for many important resources,
including fish and other fauna, forests and other flora, fresh water, and the climate, are not constant,
but depend on the state of the resource. For biological resources such as fish and forests, the level of
the resource is limited by the carrying capacity of the ecosystem that supports it. Prior to extraction
by humans, the resource stock will be near the maximum level the ecosystem can support. As
extraction rises, regeneration will tend to rise as each remaining organism has more food, space and
other resources it needs to reproduce. The ecosystem compensates for extraction: the more you take,
the more grow back. However, when the resource becomes sufficiently depleted, regeneration peaks
and fallsat some point there are simply too few fish remaining for reproduction to offset extraction.
Now the dynamics shift: the more you take, the fewer grow back. The smaller the remaining resource
stock, the smaller the rate of regeneration, further lowering the stock in a vicious cycle that can
rapidly lead to resource collapse.
The Tragedy of the Commons: Historically, a commons was the common pasture on which any
villager could graze their livestock. In contrast to private property, such common pool or open
access resources can be used by anyone. If the resources were managed to maximize total profit or
social welfare, extraction would be limited to no more than the maximum sustainable yield.
However, common pool resources are subject to overexploitation: it is rational for each extractor to
expand their take as long as it is profitable to do so. Combined with resource dynamics (see above),
the result is often the destruction of the resource. The tragedy arises not merely because the resource
is destroyed, but because the resource is destroyed as a consequence of each individuals pursuit of
self-interest: the profits from taking one more fish or cutting one more tree benefit the individual
extractor today while the costs of reduced future harvest are borne by all. An individual who stops
harvesting simply allows others to take a little more, with no change in the outcome, so it is not
rational to reduce your own take.
Misperceptions of Feedback: Research shows people do not understand the basic dynamics of
resource accumulation, nor the feedback processes that control extraction and regeneration. Further,
extractors and policymakers often have poor knowledge of the ecological relationships governing
regeneration and resource levels. Stock levels, regeneration, and even harvest rates are often known
imperfectly. There are long delays in estimating and reporting resource stocks, harvests and
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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

regeneration. Thus, even if fisheries were fully privatized, thereby eliminating the incentives for
overexploitation that create the Tragedy of the Commons, extractors will likely overharvest.
Experiments show exactly this with simulated fisheries: participants operating a fully private fishery
still overexpand their fleets, overharvest, and lose money (Moxnes 1998; see debriefing material in
the companion teaching note). Further, there are delays in building up extraction capacity, and
investments in capacity are often long-lived and largely irreversible, particularly because entire
communities and economies grow up around the extractive activity. Political interests in continued
extraction build up, causing opposition to and delays in the implementation of government policies or
industry self-regulation to preserve the resource. Many open access resources involve extractors from
different communities and nations, leading to additional delay while laws are debated and treaties
negotiated. Misperceptions of the feedbacks governing resources, poor information, long delays and
irreversible commitments often doom the resource and the communities dependent on it. By the time
the community discovers that they are harvesting unsustainably, it is often too late.
Successful Governance of the Commons Is Possible: While the barriers to successful management
of common pool resources described above are formidable, it is possible for communities to selfregulate and govern their common resources sustainably. Political scientist Elinor Ostrom has
documented many examples and analyzed the conditions for successful governance, winning the
Nobel Memorial Prize in Economic Sciences in 2009 for her work (see e.g. Ostrom 2009, Ostrom et
al. 2010, Ostrom and Hess 2007). Successful management of the commons has been documented on
a variety of scales, from local communities such as individual fishing villages to the public provision
of community services such as police, firefighting, education, and libraries, to global agreements such
as the Nuclear Test Ban Treaty, which bans atmospheric atomic weapons tests, and the Montreal
Protocol, which limits production of halocarbons that destroy stratospheric ozone. Governance can
be initiated and maintained by informal relationships among community members, but often, and
particularly for larger resource systems with more and more diverse actors, it requires
institutionalizing agreements, monitoring methods, enforcement mechanisms and other policies in
formal laws and regulations (at local, state/provincial, national or international levels). Such
agreements enable communities to act collectively to improve societal welfare.
Before You Run a Game
Game Mode and Group Size
Fishbanks is an interactive, multi-player web-based management flight simulator. It is available free
of charge via MIT Sloans LearningEdge site, along with other interactive management flight
simulators. The web-based version described here updates and extends the classic game designed by
Dennis Meadows. The classic game remains highly effective and is particularly useful for smaller
groups and situations where Internet access is limited. In its various forms, the game has been played
thousands of times around the world, with players ranging from elementary students to senior
business and government officials.
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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

The web-based version of Fishbanks can be used in two modes: workshop mode and
asynchronous mode. In workshop mode, a facilitator or instructor conducts the game live, for
example, in a class at a school or university, in an executive education course, or for a policy
briefing,. Sessions can be conducted in a typical class period of about 80 minutes (with subsequent
debriefing). In asynchronous mode, the game is played out over an extended period of time such as
several days. Participants are given a fixed period, such as a day, to make their decisions, which they
can enter at any time prior to the deadline. The facilitator monitors activity and umpires the game
(with debriefing in a subsequent session or online). Both modes work well. Advantages of workshop
mode include high interpersonal engagement, excitement, and rich opportunities to draw out lessons
around personal leadership styles, as well as the ability to conduct the game in a short period of time.
Advantages of asynchronous mode include the chance for participants to design and negotiate more
complex agreements, including realistic policies such as quotas and permits, and to learn about and
practice their skills in bilateral and multiparty negotiations with less time pressure.
In either mode, participants dont have to be in the same room; they can be located anywhere in the
world as long as they have Internet access. The software supports a chat feature that allows
participants to send messages to all other participants or to specific teams, so that physical co-location
is not required.
Fishbanks is played in teams, with each team representing a fishing company, operating in a
particular ocean and competing against others in their ocean. The game can be played with one
individual per team, though we strongly recommend teams of 2-4 individuals to enhance learning and
engagement. Each ocean can support from 1 to 10 teams. The game runs best when there are enough
teams to make the competition intense but not so many that cooperation is impossible. We find 6-8
teams to be a good number to balance competition with opportunities to cooperate. The one-teamper-ocean mode is useful to illustrate the impact of privatization and help people learn about the
dynamics of renewable resources. If time permits, one can run the game as an open access fishery
with multiple teams in each ocean, then run it again (or give the participants an assignment to run it
again) with one team per ocean to learn about privatization.
With 6-8 teams of roughly 2-4 people each the game can accommodate groups of about 12 to 50
people. For larger groups, the game supports simultaneous multi-ocean play. We have run the game
in workshop mode with a total of over 90 people playing in three oceans. Larger groups with more
oceans are also feasible.

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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

Choosing Settings
Before you facilitate a session, you must register as an administrator to gain access to the instructor
resources. Before your session, you should set the initial conditions including the number of oceans
and teams per ocean, and biological and economic parameters governing the simulated fishery. You
do so by creating a class with a set of parameters you select and save. To create a class, access
Fishbanks through mitsloan.mit.edu/LearningEdge/simulations/Pages/System-Dynamics.aspx. Click
on the Fishbanks Simulation icon, which will take you to the page you see below. Select Set up a
new class.

You will be asked to log in, using the user name and password you selected when you registered with
LearningEdge. After logging in, youll be asked to choose a class code and an optional password.
Select a class code, for example, MITFB1109, (MIT Fishbanks, September 2011), and write it down
(e.g., email it to yourself). Then click Submit.

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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


John Sterman, Andrew King

The screen will show that you are logged in as an administrator for the class name youve selected.
There are four main tabs: Settings, where you select the number of oceans, teams per ocean, and
choose parameters for the fishery; Users, where you create users for each ocean; Results, where you
will access the results of the games; and Monitor, where you will be able to see what is happening in
and control the game as it is played.
When first setting up a class, select the Settings tab. You will see six buttons (Global Settings,
General, Financials, Fish, Catch, and Net Recruitment), each displaying a different set of
parameters. Select Global Settings. Here you choose the game mode and the number of teams per
ocean.
There are three game modes: Manual (untimed), Automatic, and Timed. In manual mode, the
umpire (you or your assistants) manually advances the game through each round. Manual timing is
best in workshop mode where you, as facilitator, will sense from the group, and the time remaining,
how long to allow for each round. Automatic mode is needed when people play as individuals and
there is no umpire; in this mode, the game advances to the next round as soon as the players enter
their decisions. The Timed option is best when running the game in asynchronous mode; here the
game advances to the next round after a user-specified interval (though the umpire can always
override the default).
After selecting the game mode, choose the number of teams per ocean for your class. All oceans in
each class will have the same number of teams.
BE SURE to Apply Settings before moving to the next settings tab.
Now, select the General settings tab. The default values are shown below.

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Initial Ships: The initial total number of ships in each ocean is the product of the number of teams
per ocean and the initial number of ships per team. Its important to start the game with the total
initial fleet well below the maximum sustainable fleet size. With the default parameters, the
maximum sustainable fleet size is about 44 ships. With three ships per team and 7 teams, the initial
fleet will be 21 ships, less than half the maximum sustainable level. If you have more teams, want a
larger initial fleet size, or want the game to play out longer before the participants have a chance to
build their fleets beyond the sustainable level, you should increase the maximum and initial fish
stocks (on the Fish tab). Adding 400 fish to the maximum deep ocean stock (and 200 to the coastal
stock) for every team above 8 is a reasonable rule.
Ship Market Value and Costs: The market value of ships will vary with the bids, offers and trading
prices the players choose during the auction phase of each round. The initial market value is set to
the cost of a new ship. The minimum market value is set to $1.
During the Auction phase of each round, players can offer ships at auction, setting a reserve price,
and/or bid on ships others offer at auction. Under normal conditions, ship market value adjusts to the
average price at which ships are auctioned during the game. During the first few rounds, auction
activity is typically high and ship market values often rise. Later, however, if the teams deplete their
fish stocks, fishing will become unprofitable. Auction prices will fall, and the reported market value
will also drop. Soon, however, the players typically stop bothering to offer ships at auction, knowing
that no one will bid for them at any price. In this situation, the market value of ships has clearly
fallen, but there is no new information from transactions to indicate the market value of ships.
In the default case, if there are no auctions for several rounds, the market value of ships gradually
adjusts to the net present value of a ship, given expected catch and operating costs. This feature
ensures that market values are appropriate even if there is no auction activity. For example, when fish
are abundant and fishing is profitable, the NPV of a ship is high and the market value of ships will
rise even if there is no auction activity because, for example, everyone wants to buy and no one wants
to sell. In depleted fisheries, the NPV of a ship can easily become negative, and the market value of
ships will fall, even if there is no auction activity because everyone wants to sell and no one wants to
buy. Checking the box to Set Ship Market Value to Last Reserve Price overrides the determination of
market value by NPV, setting the market value to the last posted reservation price. This option
ensures that market value is determined solely by the players decisions, but may result in inflated
market values after fish stocks are depleted, because players often continue to set reserve prices that
are far too high. You can initiate a bank auction to generate information on market values, but this
takes time and adds to the fleet at a time when there are likely too many ships. We recommend using
the default, particularly in workshop mode.
The default increment for bids is $25.

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Maximum Ship Orders: Every round, each team has the option of ordering new ships from the
shipyard, at a cost of $300/ship (in the default). The default rule is that each team can order at most
half their current fleet, rounded up to the next integer. Thus with three ships in round 1, a team can
order as many as 2 new ships. Alternatively, you can set a fixed maximum order. We recommend
the default as it generates gradual exponential growth in the fleet, while a large maximum order limit
can lead to individual teams placing very large orders and rapidly pushing the total fleet above the
maximum sustainable level. In this situation players tend to blame the team that placed the single,
large order for the failure of their fishery rather than seeing how the pursuit of self-interest by all
leads to the collapse.
Save any changes you make.
Now, select the Financials tab. The default values are shown below.

Initial Cash and Interest Rates: Each team begins the game with a specified amount of cash per
ship. With the default value of $200/ship and initial fleet size of 3 ships/team, each team begins with
$600. If they maintain a positive bank balance, they will earn interest at the Interest Rate on Positive
Bank Balance. As explained in the briefing slides, players can finance all their cash needsthere is
never a limit on how much they can spend based on their cash balance. However, if their cash
balance becomes negative they must borrow from the bank, paying the Interest Rate on Negative
Bank Balances. Facilitators can adjust these rates to reflect the interest rate environment at the time
and place of play. The cost of borrowing should exceed the return on savings.
Operating Costs: Players must allocate their ships among three locations: ships can be sent to the
deep sea fishery, the coastal fishery, or kept in the harbor. The default operating costs are $250,
$150, and $50/ship/year, respectively. Combined with the default price of fish and catch per ship,
fishing will initially be most profitable in the deep sea and slightly less profitable in the coastal
fishery. Keeping a ship in the harbor always loses money.
Save any changes you make.
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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


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Now, select the Fish tab. The default values are shown below.

Fish Price: The price of fish is constant. The default value, $20/fish, in combination with the other
parameters (operating costs and catch per ship) yields good profits when fish are abundant, and losses
when fish stocks are significantly depleted.
Initial and Maximum Fish Stocks: The default values for maximum and initial fish stocks are set
so that the deep sea fishery supports twice the stock of the coastal fishery. The initial stocks are less
than the maximum because the game starts with a nonzero initial fleet. The initial values are roughly
consistent with the equilibrium fish stocks resulting from even allocation of the initial fleet between
the coastal and deep fisheries. Of course, fish stocks will change as the players change the allocation
of their fleets, and as they acquire new ships.
Save any changes you make.
Now, select the Catch tab. The default values are shown below.

!
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FISHBANKS SIMULATION INSTRUCTORS GUIDE: SETUP AND PLAYER BRIEFING


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Catch per Ship: Catch per ship varies with the density of fish in each fishery, as shown by the Effect
of Fish Density on Catch per Ship. When fish are abundant, each ship easily fills its hold; catch
reaches the maximum determined by ship capacity and the number of trips each can make each year.
The default is higher for the deep sea than for the coastal fishery. The relationship between density
and catch per ship is shown in the graph below. Users may select the default, a low technology
option, a high technology option, or specify their own relationship. In all cases, catch per ship must
be zero when fish density is zero (no fish, no catch), and one when fish density is at its maximum.

Default: catch per ship is constant at the


maximum until fish density falls to 0.5,
then linear. The default represents a
modern commercial fishery with the
ability to fish in nearly all conditions and
locations and good navigation aids, fish
location technology, and modern gear.

Low Technology: Catch per ship falls


even for small reductions in fish density.
The low technology situation represents
the capabilities of traditional fishing
communities before the advent of
modern factory fleets, aids to navigation
and fish location technology such as
radio, radar, GPS, sonar, spotter aircraft,
etc., and modern gear (bottom trawls,
purse seines, long lines, etc.). These
conditions still characterize the methods
used by many indigenous peoples and
fishers in developing nations. Note that
catch per ship is very low for densities
below 0.5: the fish are able to hide in
refugia where they cannot be located or
taken by the gear in use.
High Technology: Represents an even
more effective set of technologies than
the default case. Here, factory fleets,
superior aids to navigation and fish
location technology such as radio, radar,
GPS, sonar, spotter aircraft, etc., and
high-tech gear (e.g., bottom trawls, purse
seines, long lines, etc.) allow catch per
ship to remain near the maximum even
when fish stocks are significantly
reduced. The fish have no refugia where
they are out of reach.

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When choosing the low or high technology options you may leave the maximum catch per ship at the
defaults, or change it (typically, lowering the maximum for the low technology and raising it for the
high technology cases, respectively). When lowering the maximum catch per ship values, be sure to
choose values that still allow fishing to be profitable when fish densities are close to one. (Higher
values will always be profitable for high fish densities and unprofitable at zero; the higher the
maximum catch per ship the closer to zero fish density must fall before fishing becomes
unprofitable.)
The default relationship provides good results. Counter to the intuition of many players, the high
technology option actually promotes faster and more complete destruction of the fishery, as fishing
remains profitable for even lower fish densities, and fish stocks are seriously depleted before players
receive any signal from declining catch per ship or profit that there is a problem. The low technology
option slows the decline of the fishery and makes it easier to reach sustainable agreements to manage
the commons (because the incentive to defect from the cooperative agreement to limit the catch is
smaller).
Weather Variations: Natural fluctuations in ecosystem conditions can cause actual catch per ship to
vary year to year. These variations are labeled weather but include any source of variability that
may affect the catch, including natural fluctuations in fish abundance or migration patterns, diseases,
etc. The random variation is drawn from a uniform distribution. Each years weather is independent
of prior time periods. The impact of weather on catch per ship each period is the same in both the
coastal and deep sea fisheries, and, if you have multiple oceans, is the same in each ocean. The
Maximum Impact of Weather on Catch is 0.20 in the default case, meaning catch per ship will vary
by a maximum of 20% around what it otherwise would be.
Save any changes you make.
Now, select the Net Recruitment tab. The default values are shown below.

!
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Net Recruitment is the net increase in the fish stocks. As shown below, net recruitment has an
inverted U shape: When fish density is zero, net recruitment is zero: no fish, no births. When fish
stocks are at the carrying capacity of their ecosystem, births are just balanced by natural mortality and
predation, so net recruitment is also zero. The shape of the relationship is the same for the coastal and
deep sea fisheries. The default values set the maximum higher in the deep sea compared to the
coastal fishery. Users have a choice of two shapes for the relationship.
Default: Net recruitment reaches its
maximum at a density of 0.6, and falls away
quickly for lower densities. This shape
corresponds to a situation in which, for
example, the fish gather in schools. In such
situations, common for many species,
schooling promotes reproductive success
through high density and lowers the risk of
predation. Such behavior is relatively
common, not only among fish, but also
among birds, including sea birds such as
puffins and penguins, and the now-extinct
passenger pigeon, and mammals including
seals, some whales, and some primates. For
such species, births fall and predation risk
increases dramatically when density falls,
lowering net recruitment.
Logistic: Net recruitment is given by the
logistic (Verhulst) model, in which fractional
net recruitment declines linearly as density
falls (see the full derivation in the debriefing
guide). Formally, Net Recruitment
(fish/year) = rS, where r is fractional net
recruitment and S is the fish stock. When r
is linear in density,
r = rmax(1 S/Smax),

The logistic curve is widely used because it facilitates


analytic solutions to simple fishery models such as the
Gordon-Schaefer model (see the appendix of the teaching
note/debriefing guide). Note that when the user selects
the logistic option for net recruitment, the model uses the
analytic expression at right, not the piecewise linear
relationship shown in the graph above.

Rev. January 22, 2013

where rmax is the maximum net recruitment


rate and Smax is the maximum fish stock (fish
density is S/Smax). Then
Net Recruitment = rmax(1 S/Smax)S.
Thus Net Recruitment is quadratic (an
inverted parabola) in density. It is easily
shown that maximum net recruitment occurs
at S = Smax/2.

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Maximum Sustainable Yield and Fleet Size


The maximum sustainable fleet size is given by
FMSY = MSY/q

where MSY is the maximum sustainable yield and q is catch per ship. The MSY is given by
maximum net recruitment. As shown in the debriefing guide, the Maximum Economic Yield, the
catch that maximizes social welfare (total fishery profits), is always lower than the MSY and occurs
at a higher fish density than the MSY. Catch per ship varies with fish density as shown on page 11,
but assuming catch per ship near the MSY is at its maximum (true for the default and high technology
cases, with either the default or logistic net recruitment function), the default parameters give
"$ (330 fish/year)/(15 fish/ship/year) = 22 ships for the Coastal Fishery
FMSY ! MSY/q max = #
!
%$ (550 fish/year)/(25 fish/ship/year) = 22 ships for the Deep Sea Fishery

for a total maximum sustainable fleet size of about 44 ships.

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Authorizing Users
Now you need to authorize users so they can log in and access the class with the settings you have
just chosen. Click on the Users tab at the top of the administrator page.

You can enter the user information into the window provided (see above) or you can use the Excel
template provided by the simulation, which is far more convenient (see below).
The following example creates a game with one ocean and three teams.

The email addresses need not be real, but they must be in standard email format: user@xxx.yyy. The
First and Last Name Fields can be the actual first and last names of the team captain for each team.
Alternatively, as in the example on page 17, the First Name field can be used to identify the ocean in
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which the player will operate, and the Last Name field can be used to identify the team number. This
is convenient for Workshop Mode in which players are not preassigned to teams. (The Ocean and
Team fields are optional.) In this example, the password, which corresponds to team numbers, is
made very simple to facilitate login by the players. Note: only one computer per team should be
logged in to the game.
To enter the player information, copy the spreadsheet (without the header row) and paste it into the
field in the Upload User List screen. After clicking on Load User Information you should receive
a screen like the one below confirming that the players have been loaded. In the example here, you
should change the Ocean Name from Ocean 1 to Atlantic to be consistent with the ocean name
you have chosen.

A more realistic example, shown on page 17, sets up users for a class to be run in workshop mode
with three oceansAtlantic, Pacific, and Indianeach with seven teams. Because this game was
designed to be run live in workshop mode, the email addresses are fictitious and selected to make
login as simple as possible.

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The example below shows a section of a spreadsheet for a session to be run in asynchronous mode.
Here the emails are real, so that the facilitator can communicate with the teams (the actual names
have been redacted in the figure). Some of the teams selected their own names in advance; the
facilitator entered these names when setting up the class.

Emails redacted

Once youve chosen your settings and uploaded the users for each team and ocean you are ready to
play.

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Class Plan for a Workshop (Live) Session


The majority of sessions are run in one session (workshop mode). Introducing and playing the game
usually takes about 60-90 minutes. Debriefing the game can take another 30-90 minutes. As a result,
the game can be played in a compressed form in a single class, spread over two classes with the
debriefing session in the second class, or as part of a double class session. The following description
provides timings for a game to be played in one 90-minute class.
Room Setup and Seating
A flat room is best, though we have run the game in a traditional case-style classroom with tiered
seating. In a flat room, provide one small table (round or rectangular) and chairs for each team, with
one computer per team. Leave some room in the middle of the room where teams can gather to
negotiate. If you have multiple oceans running simultaneously, arrange the tables so that teams from
each ocean are near one another. Remember that each ocean is completely independent of the others;
there is no transfer of funds, ships or fish across oceans. Place tent cards identifying the ocean and
team number (e.g., Atlantic 1) on each table so you and the players can see which teams and oceans
are which.
You can preassign players to teams or let people sit wherever they wish. To speed the login process
we hand out a sheet of paper to each team, at the appropriate point in the briefing, with the team
name, username and password. For example, the team identified as atl1@xxx.yyy in the example
spreadsheet on page 17 would receive a sheet with the following information:
Team Name
Atlantic 1

Login ID Password
atl1
a1

The instructor should make sure that every team has one, and only one, working computer that is
properly logged in. Only one computer from each team should be logged in at a time. Sometimes
computers crash (battery problems, etc.), so it is useful to have some backup machines available.
Once people are settled with their teams, you can introduce the game and begin play.
Introduction and Instructions (10 Minutes)
Over the years, a set of introductory slides has evolved from the inputs of Dennis Meadows, John
Sterman, and Andrew King. These slides are available online for instructors. The slides use the
default settings; you should customize the settings to meet your needs. Walking through these slides
usually takes about 10 minutes.

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Here are common questions that come up during the briefing:

Question

Answer

What is the goal? How do we win?

You goal is to maximize the value of your


assets at the end of the game. Remember, assets
are the sum of your bank balance and the
current market value of your fleet.

How long will we play? How many years?

I dont know how many years we will play.

Can we go into debt to buy ships?

Are all of the ships identical?

Yes, but you will pay interest on the loan. The


banks is always willing to lend you whatever
you need to finance your ship purchases and
operating expenses.
Yes. New ships, old ships, and ships from
different teams are all identical.

Do ships ever sink? What if the weather is


bad? Do ships wear out and need to be
replaced?

Ships never sink, no matter the weather. The


lifetime of ships is much longer than the likely
length of the game. No replacement is needed.

When we buy a boat at auction or from another


team, when can we use it?

Right away, in that year.

Why would we ever buy ships at auction or pay


more than $300 per ship if we can order them?

You pay for ships you order this year but you
dont get them until next year. If you buy a
ship at auction you can fish with it this year and

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earn an additional year of profit. Also, the


number of ships you can order each year is
limited by your current fleet size. Having more
ships now allows you to order more, if you
desire.
How long do fish take to mature before they
can be caught or reproduce?

One year. Fish born this year can reproduce


and be caught next year.

Do fish migrate between the deep sea and the


coast?

No. The fish populations are separate and do


not move between fisheries.

Does catch per ship fall if everyone fishes in


the same area this year?

What is the stock level now?

What is the maximum sustainable yield?

Can we talk and negotiate with other teams?

No. Catch per ship this year depends only on


fish density and weather. It will be the same
this year whether 1 or 10 or 100 ships fish
there. Next year the catch may differ, based on
the density of fish and weather next year.
As seen in slide 12, the fleet has been growing
and the catch has been growing
proportionately. There is no evidence of
overfishing, and scientists are highly confident
fish stocks are near their maximum levels.
Estimates vary widely, and are contentious.
[Depending on how much information you
want to provide, you can show slide 18 with
rough estimates of the net recruitment function;
but be sure to emphasize that no one knows,
that there is great uncertainty, and that
estimates are politically contentious, with
scientists typically estimating lower maximum
sustainable yields than the fishers.]
Of course. You can make any agreements you
wish.

At this point, players are usually excited to get going and annoyed by further questions. Its fine to
begin the game with a few players still a bit confused; people rapidly learn how the game works.

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Logging In and Simulation Orientation (5 minutes)


At slide 14, its time for people to log in. People can access the game directly at bit.ly/fishbanks or
via the LearningEdge site, mitsloan.mit.edu/LearningEdge/simulations/fishbanks/Pages/fishbanks.aspx. The players then login with the ID and password you provide to them. Note that players
do not need to enter the class name to log in. If a particular user has been authorized to play in more
than one class, that user will receive a dialog box asking them to select the appropriate class from a
popup menu listing all the classes that user is authorized to play in.
As the facilitator, you should be logged in to the class as an administrator and be ready to project your
screen when appropriate (for example, to give information on game results to date). However, most
of the time you should not display your screen on the projector.
To orient people to the interface, you should quickly explain what they are seeing on their screen.
The
instructors
video
provided
on
the
Fishbanks
site,
mitsloan.mit.edu/LearningEdge/simulations/fishbanks/Pages/fish-banks.aspx, illustrates how to
explain the screens and features to the players; you can ask them to view it in advance although in our
experience it is not necessary. Below we show some slides illustrating how the player interface
works. However, we strongly recommend that you avoid slides. Instead, walk the players through
the interface while they look at their own screens. Alternatively, you can open a new browser, log in
as an individual, and project the interface on the screen, so that you can click on the various tabs and
show the players how to navigate around the simulation. Make sure you use a different browser (not
just a separate window or tab) to do so. For example, if you are logged in as an administrator using
Firefox, you should log in as an individual using Internet Explorer, Chrome, or Safari to show them
the views they see as players.

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Starting Play (5-10 Minutes)


Each round consists of an auction phase and an allocation phase. In the auction phase players can
offer ships for sale at auction and/or bid on ships others are offering. It is fun and useful to start play
by auctioning off three ships, offered by the bank. Auctioning three ships at the start of the first year
accomplishes several important goals: 1) it demonstrates to the players how the auction process
works; 2) it motivates players to think about the economics of the fishery; 3) it gives them a sense of
what others are thinking and increases the excitement; 4) it immediately updates the asset value of the
ships, typically to a higher level; and, 5) the auction breaks the initial symmetry in which all teams
start with the same number of ships. Doing so is useful because, at the start of the game, fishing is
profitable, so the team with the largest fleet will earn the most and have the highest total asset value.
The team that wins the initial auction will usually have the highest asset value (unless they
dramatically overbid).
Key points for auctions:
1. Ships offered at auction are always offered as a single lot: if you win the auction, you are
buying all the ships the seller is offering.
2. Bids and offers in all auctions are per ship. Thus, if three ships are offered at auction and
the winning bid is $700 per ship, the winning team pays $2,100 for the lot of three ships.
3. In each auction the seller sets a reserve price. The initial bid must be the reserve price or
higher.
4. Bids must be at least $25 higher (default value) than the current high bid. Your screen will
display the current high bid.
5. For the initial auction, the bank offers three ships (they came from a team that went bankrupt
and are being sold at auction by the bank). For this first round, do not offer your own ships
at auction. Starting next year you can offer as many ships as you like at auction.
6. If there are multiple oceans: the bank is offering three ships at auction in each ocean. Each
auction is separate. The winning bids may differ across oceans. Remember, the oceans are
separate, with no exchange of money, ships, or fish across oceans.
The game allows the facilitator to run a bank auction two ways: online, so that players will see the
bids on their screens, or as an oral outcry auction. Running the auction orally is exciting; running it
through the software demonstrates how the auction process works for the players and speeds play
later. We recommend running the auction through the software; in our experience these auctions are

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quite exciting for the players and, in workshop mode, lead to a lot of shouting and comments,
including through the game chat channel.
The game Monitor page shows the current status of the game. In the auction phase, you see the
following:

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Online auctions are administered through the Bank Auction function at the bottom of the Monitor
page. (The instructor video demonstrates how to run an online auction.) Simply enter the number of
ships offered and the reserve price. Players will see the auction under the Buy section on the left
side of their screens. Once the auction is enabled, the Add Auction button changes to Withdraw.
The umpire can withdraw the auction before advancing the phase and no team will be awarded the
ships. If the auction goes through, the winning team receives the ships and the cost of their winning
bid is debited from their bank account when the auction phase ends.

To run a voice auction, say:


I have three ships for sale at auction, offered by the bank. Lets start the bidding at $X per ship.
Who will bid X?
Continue until you knock down the winning bid. You must then allocate the ships to the winning
team by using the Manual Auctions column on the monitor page. Enter the number of ships won at
auction and the price per ship of the winning auction into the field for the winning team. By clicking
Sell, the ships are sent to the team and the cost is debited from their bank balance. If a mistake is
made, the ships can be retrieved and the money removed by putting in a negative number of ships into
the Sell tab. To return the payment to the winning team, the price should remain positive.

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Note: you can use the Manual Auction feature with negative ships to buy ships back from players
(see below).
Whether you run the auction orally or through the software, start the bidding at the cost of ordering a
new ship (default: $300 per ship). Point out that ships you win at auction can be used immediately,
while ships you order now will not arrive until next year. Since fishing is quite profitable, ships are
clearly worth more than $300. In fact, initially you can earn about $250 per ship in profit from
fishing in the deep sea, nearly paying off the entire costs of a new ship in one year. More subtly,
(with the default rule limiting ship orders to half the current fleet), winning the auction gives you the
flexibility to grow your fleet should you decide to do so. With three ships, the most you can order
this year is two (half of three, rounded up). But if you win the auction, youll have six ships, and you
can order three if you desire. The option to build your fleet has value. Typically, bidding will usually
proceed to up to approximately $500 or more.
The initial auction should only take a few minutes. Use the Monitor tab of the administrator view to
see how the bids are changing. When you sense that the price is not rising much anymore, announce
One minute left in the auction. Get your final bids in now. Then, with about 10 seconds left, call
out 10 seconds. The high bid is now $x/ship from team y. Going, Going, Gone! and click on End
Auction. Confirm and the game will move to the allocation phase.
Now explain how the allocation phase works. Players must (1) allocate their current fleet to the deep
sea, the coastal fishery, or the harbor, and (2) decide how many ships to order.
The first round of the game will take time as players familiarize themselves with the interface and
worry about strategy. Players may even try to use excel to build conceptual models of the game.
Since the game picks up pace later, allowing some time for deliberation causes no problems. You can
see which teams have entered their decisions on the Monitor tab.

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When most players have entered their decisions and/or after several minutes, announce One minute
left. Make your allocation decisions and decide how many ships to order. With ten seconds to go,
announce 10 seconds. Make and enter your decisions then click Advance to Next Year, and
confirm that decision. Once you have advanced the game, the players receive information about their
performance in the last year. There is no way to go back once the year has been advanced. A
confirmation check prevents the accidental advance.

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Normal Play (20 Minutes)


The players will now be in the auction phase for year 2. You should project a quick summary of the
results from year 1 for all to see. Players are usually interested in:
1) the current asset values of teams;
2) the number of ships held by each team; and,
3) total allocations among the fisheries.
Asset values can be shown by projecting the Assets page on the Results tab onto a screen in the
classroom. Results can be shown either in a table or graph.

!
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Next, show the number of ships held by each team using the Fleet page. Then show where the teams
in each ocean sent their ships using the Ship Allocation page.

!
Do NOT show fish stocks or recruitmentreal fishers do not know these data.
After showing the data, encourage players to buy and sell ships. You may need to announce One
minute left. to bring the auction phase to a close, and then do the same after a few minutes to end
the allocation phase. The pace of play will speed up as players gain familiarity with the interface,
rules, and their situation.
Instructors can run additional bank auctions any time they wish. However, it is usually best to limit
the bank auction to the first year. Bank auctions increase the total size of the fleet, while auctions
among teams only shift ownership, leaving the total fleet constant. During the debriefing discussion,
it is best to show that the fleet overshot the sustainable level (if it did) as a result of their decisions,
not because the instructor added ships to the fishery via bank auctions. Typically, there will be
auction activity in the first few years as some teams seek to build their fleets while others seek to
realize profits by ordering new ships and then selling them. The market value of ships will typically
rise. If there is no auction activity, you can offer one ship as a way of updating the market value of
ships, but in our experience this is not usually needed (recall that the default setting automatically
adjusts the market value of ships to the net present value of a ship if there is no auction activity for
several years).
When time is limited (e.g., in workshop mode) you may need to move the game along by announcing
one [or two, or] minutes left in each phase. In workshop mode you will be able to judge from the
activity of the group whether they are ready to move on or need more time as they try to negotiate
agreements. You should allow some time for negotiation, but time pressure is a feature of reality:
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while scientists study the fishery and politicians negotiate, fishing continues. Usually, a few cries of
Lets go fishing are sufficient to move the game along.
Crisis (15 Minutes)
Initially, fishing is quite profitable, with profits of about $250/ship/year in the deep fishery and about
$150/ship/year in the coastal fishery. Most players will put most or all of their ships in the deep sea
fishery, and many will also order new ships. The fish stock in the deep sea will decline. Eventually,
catch per ship in the deep sea fishery will start to fall, and then even become negative as catch per
ship falls enough for operating costs to exceed revenue. It becomes more profitable to shift to the
coastal fishery. The timing of this crisis depends on the game settings and the behavior of the players,
but it is typically in years 5-7. In some cases, the instructor will hear an audible gasp as players learn
that their ships are catching less than they had expected.
When the deep sea becomes unprofitable, some players may try to negotiate catch limits, quotas, or
other forms of self-regulation. One option is to let them react as they wish to the situation: they may
recognize the problem and negotiate, or they may not. Either way their choices will stimulate good
discussion in the debriefing: if they seek to negotiate, why only after there was a crisis? If they do
not, why did they ignore the signs of trouble? Alternatively, you may want to point out the gravity of
the situation to motivate them to seek an agreement to preserve the fishery. You may add information
about the state of the fish stocks by providing a NOAA National Marine Fisheries Service Bulletin
which reports the approximate state of the fishery. For example,
NOAA scientists at the National Marine Fisheries Service reported today that fish stocks in the
deep sea fishery are severely depleted as the result of excessive fishing activity there. They report
that fishing activity in the deep sea is far greater than natural reproduction. The scientists
recommend substantial reductions in the catch and fishing effort in the deep sea to give fish stocks
a chance to recover. The report also finds [if it is true in the simulation] that fish stocks in the
coastal fishery are healthier.
During the crisis, the discussion among the players intensifies. Watch carefully to gauge what is
happening. In some cases, players dont want to slow play because they want those who have made
poor decisions to suffer or they want to see how their own strategy will play out. In other cases,
players may try to negotiate agreements (often spontaneously) and it can be helpful to slow down to
give them a chance to do so. In some cases, players may try to write regulations or seek support from
the instructor for enforcement (see the appendix in the debriefing guide).
After a few minutes, you should again get the group going. Call out encouragements to go fishing, or
announce x minutes left before the end of this phase. Often the players will support this because
those not willing to abide by an agreement will push to have the game continued.

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In rare cases players do create effective proposals for self or government regulation. We discuss
options for administering such regulation in Appendix 2.
Resolution (15 Minutes)
Assuming that no effective regulation has been created, the teams will seek some way of maintaining
their assets. The first response will be to allocate ships to the coastal fishery. However, by then the
total fleet has often grown far larger than the maximum sustainable level. The stock of fish in the
coast then falls very quickly, and fishing will become unprofitable everywhere. Players may then
choose to put some ships in the harbor, or switch back and forth between the coast and deep ocean
fisheries in response to small changes in catch per ship and thus profit across the deep and coastal
fisheries. When, as is common, the total fleet is far higher than the sustainable level, the profit
maximizing, but painful, choice will be to keep the fleet in the harbor where losses will only be
$50/ship/year.
At this point the instructor may choose to buy back ships using the manual auction feature and
entering a negative number of ships. Whether you allow buybacks is entirely up to you, as is the
price at which you offer to buy ships. You can disallow buybacks, wait to see whether players
spontaneously ask you about the possibility of a bank buyback, or announce that it is a possibility.
Generally, we recommend against buybacks. In real fisheries, when an individual fisher sells their
ship, some other fisher buys it, so the total fleet in that fishery does not shrink. The total fleet shrinks
only if ships are scrapped or taken to some other fishery entirely. Many real fishers have limited
options to make a living besides fishing, so even if the fleet could be reduced, there is substantial
inertia in a community dependent on fishing to keep the fishery and fleet going. If you do allow
buybacks, offer $1/ship no matter what the current market value of ships may be (after the collapse of
the New England cod fishery fishing vessels were actually sold at $1). By the time teams want to sell
you their ships, it is likely that fishing has already become unprofitable and that the market value of
ships has collapsed. The bank has a lot of market power, while the fishers are in a state of distress.
Some teams may not wish to sell their ships at such a loss, and there may be disagreements over how
to allocate such sales among the teams. If the negotiation over that issue is not resolved quickly,
withdraw your offer to buy and move to the next year.
If the players do not reach an effective agreement, the fish stocks will soon be severely depleted or
even wiped out. Fishing will be unprofitable, most ships will be layed up in the harbor, ship market
values will have dropped substantially, and many players will have a negative net worth. At this
point, you should end the game.
Game Wrap (5-10 Minutes)
A full debriefing requires 90 minutes or longer, though shorter formats are possible. The Fishbanks
Simulation Instructors Guide and Teaching Note provides a full description of the lessons of the
game you can use to craft a debriefing suitable for your audience, and debriefing slides. In workshop
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mode, the debriefing is best done immediately after the game and a short break. In many school and
university settings, the game will consume a full class session, and debriefing will be in the next
class. Even so, at the end of game play, take a few minutes to quickly go over the results, using the
administrator view and Results tab to show what happened to the fleet, fish stocks, ship market value,
and player asset values.

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Appendix 1

Example Configurations

Configuration 1. The John Sterman

The goal of this configuration is make the dynamics of the system as accurate and vivid as possible.
The outcome of this version is a more vital discussion of the dynamic properties of the system and the
difficulty of managing it either individually or collectively. This version of the simulation is
usually played in workshop mode.
Global

7 teams per ocean. Three ships per team.

General

All default

Financials

All default

Fish

All default

Catch

All default, or high technology catch per ship function

Net recruitment

All default

Regulation

None to start; players can self-regulate. Facilitator willing to impose


regulation if (enough) players agree.

Configuration 2. The Andrew King

The goal of this configuration is to make the system as close to an idealized and analyzable system as
possible by using the logistic function for net recruitment. Another goal is to allow more time for the
creation of an effective self-regulation. This version of the class is usually played out asynchronously
over a week or so. One approach is to have a fishing year begin each class or to play the game over
the course of a week with a decision due each evening. The culminating class can then be an
opportunity for a few more years of play and a summarizing discussion.
Global

7 teams per ocean. Three ships per team.

General

All default

Financials

Set Ship Market Value to Last Minimum Bid.


Maximum Orders Rule: Fixed Limit
Ship Orders Cap (Only applies to Fixed Limit): 10
Minimum Bid Increment for Auction: 1
Default

Fish
Catch

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Specified curve that represents a medium between preset high and low
technology options. Set for 75% of maximum catch at 50% stock.
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Net recruitment

Logistic

Regulation

None to start; players can self-regulate. Facilitator willing to impose


regulation if (enough) players agree.

Appendix 2

Administering and Managing Regulation as an Instructor

Regulation is the newest addition to the game and is the most experimental. For most in-class
games, regulation is probably unnecessary. However, regulation can be very useful for asynchronous
games and for certain pedagogical goals.
1) Regulation as a Comparison
One way to demonstrate the value of property rights is to require permits for one game and not for
another. In classes where there are a sufficient number of students to allow two games to be played
simultaneously, the instructor can set one game to begin with a certain number of permits. These
should be chosen to be less than or equal to the maximum sustainable yield for the fishery.
Initial Permit Number per team Maximum recruitment/Number of teams
Imposing permits at the beginning of the game allows for comparison of the experience in the two
fisheries. Comparisons can be made between profits, fish levels, and student experience.
2) Self-regulation
During a game, especially in asynchronous mode, participants may negotiate self-regulatory
agreements. In some cases, they may turn to the instructor to administer or enforce these agreements.
If you, as the instructor, hope to encourage self-regulation, you should mention at the beginning of
the game that regulation is possible. In most cases, a self-regulatory agreement will fail to occur. If it
does, it is likely to take one of these forms:
a. Permits. Students may request that the instructor create and allocate fishing quotas (permits)
according to a negotiated agreement. This is easily done by simply allocating the requested
permits to the teams via the Monitor page.
b. Penalties for non-compliance. Students may ask instructors to impose financial penalties on
teams that violate agreements. Real world precedent for this exists in the relationship
between some self-regulatory organizations and regulators. Examples include both fisheries
(Iceland cod fishery) and industries like nuclear power (the Institute for Nuclear Power
Operators).
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Penalties and rewards can be imposed by selling 0 boats to teams for positive or negative
amounts.
c. Taxes. In our years of experience with the game, participants have requested the
administration of a tax only once. In the current game, the only way to administer a tax on
fishing is to use the direct boat auction system. Taxes can be charged by selling 0 boats to
each team with a tax liability for the calculated amount of the tax.

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Appendix 3

Tips for Playing Asynchronously

For most of its history, Fishbanks has been played in a single, live class session. However,
asynchronous, multi-class play can be an exciting alternative. In asynchronous play, a Fishbanks year
usually corresponds to a class session. An example schedule for a class meeting on Monday and
Wednesday could be:
Sunday at 11:00 PM:
Monday at class start:
Tuesday at 11:00 PM:
Wednesday at class start:
Etc.

All trades must be completed.


All orders and allocations must be completed.
All trades must be completed.
All orders and allocations must be completed.

It is often a good idea to send out a reminder email before the first few deadlines. The instructor
must log in to the administrator pages and advance from round to round (just) after each deadline.
At the beginning or end of each class, the instructor may then show the current asset positions of the
competing teams or other data, or post these overviews in the course website or folder.
Expected Outcomes
In asynchronous games, participants have much more time to do analysis and negotiate agreements
compared to workshop mode. In some past cases, in-class negotiations have even led to formal
written contracts. (See Appendix 2 in the Debriefing Guide.) The opportunity for such negotiations
can facilitate continuous learning and interaction between students in the class, and it helps to keep
the entire course in the students mind.
One potential issue is that offline negotiations can lead to real conflict among the participants. In one
class, a negotiated agreement was violated by a leading team, leading to anger and frustration on the
part of both parties. If well guided by the instructor, these emotions serve as teaching moments to
reinforce the difficulty of negotiating and enforcing agreements and serve an important pedagogical
purpose. However, such emotions can also cause real antipathy, and the instructor should be
watchful for student conflict. As an example of an attempt at negotiation and the resulting anger over
the violation of an agreement, see the email below.
Dear King of the Atlantic and Pacific,
Im reaching to you in the name of the Atlantic Ocean fishing companies; representing 10 of the
11. Last year, we decided to collude to make fishing sustainable in our beloved Atlantic
OceanEVERYBODY signed up (all 11 teams). We roughly estimated that if every company
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limited itself to 7 ships, we would be able to fish in a sustainable way in our dear and beloved
Atlantic Ocean and to maximize our global profits. And so we expected every company to own
maximum 7 ships at the start of this year. But when we saw the amount of ships per company
during todays fishing conference, we realized that Team 10 had been involved in criminal
activity since they purchased more ships that they agreed to. We asked fishing company 10 if
they perhaps misunderstood what they signed, but they answered us with a big smile that they did
it on purpose.
As a consequence, we all are really upset, and would like to see what are our options are (you
mentioned at the beginning of year 0 that everything was possible).
Our first idea would be to kick fishing team 10 out of the Atlantic, and, for example send them to
the Pacific where sustainability (and max welfare) doesnt seem to be a main concern. But we
were also thinking of imposing a big financial penalty for every single boat they have above
7

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