The issue of non‐pecuniary benefits in commercial fishing is examined using data from the Alaska salmon fisheries, which are subject to entry limitations. It is concluded that, while limited entry permit prices reflect primarily pecuniary factors, the continued presence of many low‐revenue fishermen in the fisheries suggests that they, at least, derive non‐money benefits. However, the existence of non‐pecuniary benefits does not appear to depend substantially on the gear type or geography of the