Jacobs (1993) outlines four classes of policy instrument
for natural resource and environmental management: (1)
regulations, (2) financial incentives (also known as market
mechanisms), (3) voluntary mechanisms, and (4) government
expenditures. In fisheries, regulations may encompass
standards concerning ‘where’, ‘when’, and ‘how’
(technological standards) to fish as well as ‘how much’ to
fish (e.g., fishing quotas). Monitoring, enforcement, and
punishment (by fines or imprisonment) are imperative for
the effectiveness of regulations. Acheson and Wilson
(1996) argue that controlling ‘how’ people fish reduces
information and enforcement costs relative to controlling
‘how much’ people fish