Formal decision analysis was applied to the management of loco (Concholepas concholepas, Fam. Muricidae) in Chile, 29-35 degrees S. Four interested groups were considered "Fishers", "Scientists", "Buyers" and the "State", along with three fishing effort levels and four subobjectives. The method was found to encourage the emergence of a consensus (here: halving of effort), and is recommended for use in other fisheries.