Abstract
The nature of new management strategies can be summarized in three main points. First, the age of simplicity is over, whether in the use of simple objectives like maximum sustainable yield or of simple single‐species, constant‐environment population models. Second, if there is any simple solution, it lies in taking management action very much earlier in the development of a fishery than has been the case before now. A formula is suggested for the appropriate licence fee for new entrants that might achieve this. Third, scientists will have to provide managers with much more detailed advice, giving predictions of the effects of different management actions, and the range of possible outcomes, which take account of uncertainties, as of environmental effects, or of the stock‐recruitment relation. This will require increased research effort.

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