Last week Kaiwen Wang gave a presentation discussing the joint effects of a vessel by back and fuel subsidy program on the number of vessels participating in fisheries in the East China Sea.  Here fishery managers have used input controls to reduce the risk of overfishing. These measures include a quota system designed to limit the number and size of vessels participating in the fishery and a buyback program designed to reduce the size of the fleet over time. In addition to these input controls, the government has subsidized fuel use, partially counteracting the effects of the buyback program. Kaiwen developed an empirical identification strategy to estimate the joint effect of the vessel buyback and fuel subsidy program, documenting an increase in the number of vessels sold into the buyback program following reform of the fuel subsidy program.