year-old fish caught in 1998 would be a member of the 1995 year class (See cohort).

Z

zero-revenue auction:

Form of auction used in the Acid Rain Program to control sulfur emissions. Under this system, the government takes back some proportion of the allocation each year for sale in an auction. Quota holders are allowed to buy back the quota they put up to bid, but they will succeed only if they are the highest bidder. Quota shares are auctioned to the highest bidders, and the revenue is returned to the holders of the auctioned quota shares. In principle, the auction could involve either quota shares or annual quota in fisheries. Significantly, all components of auction transactions (e.g., price, identification of buyers, quantities transacted) are public information.



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