Conservation of vaquita marina in the Northern Gulf of California

► Enrollment in PACE-Vaquita is modelled with a multinomial logit specification. ► Likelihood of buy-out increases with skills in non-fishing activities. ► Likelihood of switch-out decreases with profits. ► Under current rules, buy-out is not an option to prevent vaquita's extinction. ► Increase in compensation for buy-out may increase participation in buy-out.