Giant Halibut, Iceland's Western Fjords

For most of the modern era, halibut fishery operated as a derby. Regulators declared time slots when fishing was open (typically 24–48 hours at a time) and fisherman raced to catch as many pounds as they could within that interval. This approach accommodated unlimited participation in the fishery while allowing regulators to control the quantity of fish caught annually by controlling the number and timing of openings. The approach frequently led to unsafe fishing as openings were necessarily set before the weather was known, forcing fisherman to leave port regardless of the weather. The approach also provided fresh halibut to the markets for only several weeks each year, when the gluts would push down the price received by fishermen.
Individual fishing quotas
In 1995, U.S. regulators allocated individual fishing quotas (IFQs) to existing fishery participants based on each vessel's documented historical catch. IFQs grant holders a specific proportion of each year's total allowable catch (TAC). Fishing can occur at any time during the 9-month open season. The IFQ system improved both safety and product quality by providing a stable flow of fresh halibut to the marketplace. Critics of the program suggest that, since holders can sell their quota and the fish are a public resource, the IFQ system "gave" a public resource to the private sector. Would-be fisherman who were not part of the initial IFQ allocation claim capital (to purchase a quota and a boat) costs are now too high.