Abstract
Under Alaska's entry limitation program, transferable permits convey fishing rights. Information from permit markets is used to study several key issues regarding the behavior of fishermen and the effects of fishery management policy. I conclude that (1) expectations of future fishing incomes are the primary determinants of permit prices, (2) Alaska Department of Fish and Game forecasts of fish recruitment are capitalized in permit values, (3) a state program that provides low-interest loan money to some purchasers of permits has coincided with a significant increase in permit prices, (4) the "average memory" of fishermen in projecting future incomes is about 2.5 yr, and (5) it is possible to infer the rate at which the markets discount future fishing income flows.
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