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Implementation of individual vessel quotas (IVQs) in the British Columbia halibut fishery has provided a unique opportunity to examine the effects of this management technique on a previously intense "derby" fishery. This paper describes the changes that have occurred in the fishery since the introduction of individual vessel quotas in 1991. The results presented here are largely based on the findings of two surveys. In September 1993, we conducted in-depth interviews with most of the major halibut processors in British Columbia. These processors reported significant changes in the processing and marketing of halibut. In Spring 1994, we conducted a mail survey of all 435 licensed halibut fishermen. The survey consisted of several series of questions designed to measure changes in fishing operations (crew size, fishing practices, etc.), quota leasing activities, changes in fishing income, and opinions about the …