Alaskan king and snow crab are considered delicacies worldwide. And crab fishing is one of the most important industries in the Alaskan economy. So many were justifiably concerned when, in 1983, the annual crab catch fell by 90% due to overfishing. In response, marine biologists set a total catch quota system, which limited the amount of crab that could be harvested annually in order to allow the crab population to return to a healthy, sustainable level.

Notice, by the way, that the Alaskan crab quota is an example of a quota that was justified by broader economic and environmental considerations—unlike the New York taxicab quota, which has long since lost any economic rationale. Another important difference is that, unlike New York taxicab medallions, owners of Alaskan crab boats did not have the ability to buy or sell individual quotas. So although depleted crab stocks eventually recovered with the total catch quota system in place, there was another, unintended and deadly consequence.

The Alaskan crabbing season is fairly short, running roughly from October to January, and it can be further shortened by bad weather. By the 1990s, Alaskan crab fishermen were engaging in “fishing derbies,” made famous by the Discovery Channel’s Deadliest Catch. To stay within the quota limit when the crabbing season began, boat crews rushed to fish for crab in dangerous, icy, rough water, straining to harvest in a few days a haul that could be worth several hundred thousand dollars. As a result, boats often became overloaded and capsized. Crews were pushed too hard, with many fatalities from hypothermia or drowning.

According to federal statistics, at the time Alaskan crab fishing was among the most dangerous of jobs, with an average of 7.3 deaths a year, about 80 times the fatality rate for an average worker. And after the brief harvest, the market for crab was flooded with supply, lowering the prices fishermen received.

In 2006 fishery regulators instituted another quota system called quota share—aimed at protecting crabbers as well as Alaska’s crabs. Under individual quota share, each boat received a quota to fill during the three month season. Moreover, the individual quotas could be sold or leased. These changes transformed the industry as owners of bigger boats bought the individual quotas of smaller boats, shrinking the number of crabbing boats dramatically: from over 250 a few years earlier to about 60 in 2012. Bigger boats are much less likely to capsize, improving crew safety.

In addition, by extending the fishing season, the quota-share system boosted the crab population and crab prices. In 2004, under the old system, the quota was reached in just 3 days, while in 2010 it took 20 days. With more time to fish, fishermen could make sure that juvenile and female crabs were returned to sea rather than harvested. And with a longer fishing season, the catch comes to the market more gradually, eliminating the downward plunge in prices when supply hits the market. In 2011, snow crab sold for close to $7 per pound, up from close to $3 per pound in 2005.

Predictably, an Alaskan crab fisherman earns more money under the quota-share system than under the total catch quota system. As one observer said in 2012, “The information we have on crabbers’ income is anecdotal, but crewmen we surveyed said they’re making about $100,000 a year and captains twice that. That’s a lot more than a few years ago.”

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Back in 1937, before New York City froze its number of taxi medallions, Andrew Murstein’s immigrant grandfather bought his first one for $10. Over time, the grandfather accumulated 500 medallions, which he rented to other drivers. Those 500 taxi medallions became the foundation for Medallion Financial: the company that would eventually pass to Andrew, its current president.

With a market value of $385 million in late 2013, Medallion Financial has shifted its major line of business from renting out medallions to financing the purchase of new ones, lending money to those who want to buy a medallion but don’t have the sizable amount of cash required to do so. Murstein believes that he is helping people who, like his Polish immigrant grandfather, want to buy a piece of the American dream.

Andrew Murstein carefully watches the value of a New York City taxi medallion: the more one costs, the more demand there is for loans from Medallion Financial, and the more interest the company makes on the loan. A loan from Medallion Financial is secured by the value of the medallion itself. If the borrower is unable to repay the loan, Medallion Financial takes possession of his or her medallion and resells it to offset the cost of the loan default. As of 2013, the value of a medallion has risen faster than stocks, oil, and gold. Over the past two decades, from 1990 through 2013, the value of a medallion rose 720%, compared to 500% for an index of stocks.

But medallion prices can fluctuate dramatically, threatening profits. During periods of a very strong economy, such as in 1999 and 2001, the price of New York taxi medallions fell as drivers found jobs in other sectors. When the New York economy tanked in the aftermath of 9/11, the price of a medallion fell to $180,000, its lowest level in 12 years. In 2004, medallion owners were concerned about the impending sale by the New York City Taxi and Limousine Commission of an additional 900 medallions. As Peter Hernandez, a worried New York cabdriver who financed his medallion with a loan from Medallion Financial, said at the time: “If they pump new taxis into the industry, it devalues my medallion. It devalues my daily income, too.”

Yet Murstein has always been optimistic that medallions would hold their value. He believed that a 25% fare increase would offset potential losses in their value caused by the sale of new medallions. In addition, more medallions would mean more loans for his company.

As of 2013, Murstein’s optimism had been justified. Because of the financial crisis of 2007-2009, many New York companies cut back the limousine services they ordinarily provided to their employees, forcing them to take taxis instead. As a result, the price of a medallion has nearly doubled, from $550,000 in 2008 to more than a million dollars in 2013. And investors have noticed the value in Medallion Financial’s line of business: from November 2010 through November 2013, shares of Medallion Financial rose 120%.

QUESTIONS FOR THOUGHT