ment of the Taylor Grazing Act in 1934.40 The Federal Land Policy Management Act (FLPMA)41 established the policy of retention of the public lands and attempted to create a uniform approach for their administration. Bureau of Land Management grazing leases, renewed automatically, set at controversially low levels, and treated as adjuncts to privately held ranches, have been subject to periodic scrutiny. Efforts to have them treated as property, protected by the takings and compensation provisions of the Fifth Amendment, have thus far proven unsuccessful. Grazing permits are, by law, revocable licenses. Transferable forage rights have been proposed for federal rangelands (Nelson, 1997). Anderson and Hill (1975) present the evolution of grazing rights as an interplay between resource demand, transactions costs, and technological change. Extending their argument to the fishery, "property rights" to fish could become ever more tightly defined as technological change and increased competition for access lead to the adoption of new institutional structures.