New Zealand has the world's fourth largest Exclusive Economic Zone and a very large commercial fishery. Arguably this fishery is one of the best managed in the world. Nevertheless, many problems remain to be solved, especially environmental problems. Many of these problems can be categorised as externalities from commercial fishing. We (Hughey et al. 2000) have identified a wide range of policy instruments which can be applied to the internalisation of these externalities. In this report we identify criteria against which each of these instruments should be evaluated before it is considered for implementation. The criteria are environmental, Treaty of Waitangi, socio-economic, recreational and management, respectively. We then evaluate the effectiveness of chosen instruments against these criteria. All of these tools can be used to enhance decision making in fisheries management and a framework for this decision making is proposed.