This report provides an introduction to Alaska halibut markets and how they are changing under the Alaska halibut Individual Fishing Quota (IFQ) program, which was implemented in 1995. Appendixes to the report provide a variety of halibut market data. Several general conclusions may be drawn about the relationship between future Alaska halibut harvests and fresh and frozen production and wholesale prices: • The higher the Alaska harvest volume, the higher will be Alaska production of both fresh and frozen halibut. • The higher the Alaska harvest volume, the lower will be wholesale prices of both fresh and frozen halibut. The fresh share of halibut production is unlikely to rise to the levels seen in Canada in recent years (more than 90% ). If Alaska were to produce this volume of fresh halibut, fresh wholesale prices would be substantially lower and frozen wholesale prices would be substantially higher--reducing the incentive for processors to supply fresh halibut.