Máximos de Captura por Embarcación, LMCE), which entails the assignment of resource usage rights. Economic theory holds that the implementation of the resource rent means that it is the maximum possible compared with the open access status that previously existed. If fishery is of open access, there will be no resource rent due to the presence of a very large number of fishing boats, which leads to the extraction of the resource beyond biologically sustainable levels. Meanwhile, if a fishery falls under a regime of assigned property rights, then the rent generated will be positive and will guarantee a biologically and economically efficient level of extraction. Peruvian fishing regulations stipulate a charge for fishing rights as payment for the use of a resource belonging to the nation. Each boat owner is charged for fishing rights based on a percentage of the price of fishmeal per ton landed. Recently there has been debate as to the relevance of the quantity of fish landed and whether this genuinely reflects the resource rent, given that the implementation of LMCEs have prompted an increase in the value of the anchoveta resource. References Peruvian anchoveta Fish of Chile Fish of Peru Western South American coastal fauna Peruvian anchoveta