Suppose, for example, that a stock has been confined to Country A’s EEZ. Climate change increasingly diverts the stock into Country B’s EEZ, while the growth and reproduction of the stock still depend on how much of the stock is left after fishing in the EEZs of both countries. Country A’s command over the stock will be steadily eroded and so will its previously strong incentives to protect it, while Country B will acquire an interest in the stock, at first fleeting but then a more substantial one. If things continue in this direction, B will ultimately acquire a stronger incentive than A to preserve the stock for reproduction and future growth, while A will become a player which only has a minor fraction of the stock and which in fact will be able to demand a disproportionate share of the stock, since it will in any case benefit from B’s conservation efforts without making much of a contribution itself. But how quickly will the players realize this reversal of roles and how timely will they adjust to it?