Individual Transferable Quotas (ITQs) are a type of fishing management system that allocates specific catch limits to individual fishers or companies. Each quota represents a percentage of the total allowable catch for a particular species, allowing fishers to manage their own fishing activities while ensuring sustainable practices. These quotas can be bought, sold, or leased, providing flexibility for fishers to adjust their operations based on market conditions. ITQs aim to reduce overfishing and promote responsible resource use by creating economic incentives for fishers to conserve fish stocks and maintain healthy marine ecosystems.