We derive a dynamic theoretical model of renewable resource extraction. In the social optimum, maximum extraction occurs in the last period only, while in the unique subgame perfect Nash equilibrium, the resource is depleted immediately. The predictions are tested in a field experiment conducted at a recreational fishing pond. The subjects, experienced recreational fishermen, face a dynamic social dilemma, in which they risk depletion of the resource by overfishing. We find strong support for the Nash equilibrium. Fishermen exert as much effort in the last period as in preceding periods, and effort is independent of the stock of fish.

We conduct a field experiment to measure cooperation among groups of recreational fishermen at a privately owned fishing facility. Group earnings are greater when group members catch fewer fish. Consistent with classical economic theory, though in contrast to prior results from laboratory experiments, we find no cooperation. A series of additional treatments identifies causes of the difference. We rule out the subject pool and the laboratory setting as potential causes and identify the type of activity involved as the source of the lack of cooperation in our field experiment. When cooperation requires reducing fishing effort, individuals are not cooperative.