ABSTRACT
This chapter analyses the different types of regulations which can be employed to optimize the level of fishing effort. It assesses the effects of regulations from the vantage point of economic efficiency: that is, the capability of the regulation to ensure the greatest net contribution to the economy. The regulation must have sufficient acceptance from fishermen and other vested interests so that agreement can be reached, institutional and legislative programmes designed and implemented, and enforcement procedures easily and effectively put into practice. Regulation of technology and gear is easily implemented and effective in preventing depletion of the stock. The basic objection to regulation of technology and gear is that it is economically inefficient. In most regulated Australian fisheries, fishermen keep log-books which provide data on fishing time. The most common approach to fisheries management in practice is to limit the number of vessels to the optimal number in an attempt to restrain fishing effort to the required level.
