We have studied models of international fisheries management and attempted to analyse under what circumstances there will be conflicts and how these conflicts can be solved. The central model framework that we have used is cooperative game theory. We use this framework to study the possibilities, conditions and stability of cooperation in high seas fisheries. We show that external and internal stability of cooperation depends on several factors including migration patterns of the fish stock, location of the fleet relative to the stock, technological efficiency, uncertainty, possibility of new entrants and harvesting costs. Identifying these factors is crucial for any successful cooperative arrangement that would be negotiated for herring in the future. Furthermore, the problem of uncertainty may be avoided by simple adaptive modifications to the full cooperation strategy. This result is extremely important in the case of Norwegian spring-spawning herring or bluefin tuna since natural variations in these stocks have been high. We have also studied the optimal exploitation and risk analysis of the herring stock.