Book excerpt: Most U.S. fish stocks are fully or over-exploited, and harvesting in many fisheries far exceeds sustainable levels. The individual fishing quota (IFQ) is a relatively new instrument under which harvesting privileges are allocated to individual fishermen--innovative yet controversial for its feared effect on fishing communities and individual fishermen. Based on testimony from fishermen, regulators, environmentalists, and others, Sharing the Fish explores how IFQs might address the serious social, economic, and biologic issues raised by depleted fish stocks. In their approach to a national policy on IFQs, the panel makes direct recommendations to Congress, the Secretary of Commerce, the National Marine Fisheries Service, regional fishery management councils, state authorities, and others. This book provides definitions and examples, reviews legislation and regulations, and includes lessons learned from fisheries on the U.S. East Coast and in Alaska, and in Iceland, New Zealand, and other nations. The committee discusses the public trust doctrine, management of common-pool resources, alternative and complementary approaches to the IFQ, and more. Sharing the Fish provides straightforward answers that will be important to fishery policymakers and regulators, natural resource economists, fishery managers, environmental advocates, and concerned fishermen and their communities.