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This paper examines the importance of hypotheses about fisherman behavior for predicting, understanding, and designing efficient fisheries regulation programs. Particular attention is paid to flexible technology fisheries where individuals are free to alter several dimensions of effort. It is suggested that the appropriate hypothesis of share-focused behavior ensures that there will always be an incentive to combine inputs inefficiently although technical conditions may limit or block the actual ability to do so. Some observations on the success of existing programs are also offered. Key words: fisheries regulation, efficiency, behavior, fishing industry