This paper discusses distributional implications of different fisheries management regimes, using the Norwegian coastal cod fishery as a case study. We consider the trade-off between efficiency and equity (equality regarding different issues) in fisheries management by examining a simple model of vessels with different harvest technologies. While it may be argued that managers do not take explicit account of the equity concern, we suggest that the four management regimes applied in the Norwegian coastal cod fishery do in fact reflect a regard for distribution. Originally, in its most unregulated form, fishery management aimed at achieving efficiency. When stricter regulations were implemented due to declining stock size, we observed that management placed greater weight upon equity. As the stock situation was perceived to be improving, the management again shifted focus back to efficiency. Nonetheless we see that the concept of equal average production seems to be the basis for the management in the Norwegian coastal cod fishery prior to efficiency motivated reallocations. Key words Distribution, efficiency, equity, fisheries management.