Cod Wars and institutions are supposed to pacify interstate behavior. The Cod Wars are also held up as an example of the decreasing salience of hard power in international relations, with implications for realist theory which emphasizes the importance of hard power. Theorists on asymmetric bargaining have emphasized how Iceland, lacking structural power, can still have an issue power advantage, with its greater commitment to the cause. A 2017 study argues that the occurrence of the Cod Wars is inconsistent with liberal international relations theory, including the democratic peace thesis, as the "supposedly pacifying factors of the liberal peace – democracy, trade
Murray cod A tightening of fishing regulations for wild Murray cod, as referred to above, and a switch by fishermen to a largely catch and release approach for wild Murray cod would alleviate this problem. Recognising these issues, in late 2014 the New South Wales and Victorian fishery departments amended their regulations so that a slot limit of 55 to 75 cm now applies in these states. (I.e. Only Murray cod between 55 and 75 cm may be taken; those above and below this size range or "slot" must be released.) This measure should have positive effects for the Murray cod population