A collection of papers originally presented at an international conference on Individual Transferable Quotas, ITQs, held in Reykjavik in November of 1998. In this book, eleven authors, including Anthony Scott, the pioneer in the economies of fisheries, and Phillip Major, a former administrator of the New Zealand ITQ system, explore the theory and practice of ITQs. They discuss possible future extensions of ITQs, their political acceptability, the approach known as Free Market Environmentalism, the evolution and performance of systems of ITQs in New Zealand and Iceland, advances in the technology necessary to husband marine resources, the possibility of self-management in fisheries, the demand for resource rentals, and other aspects of ITQ systems.