Conservation of the world's biodiversity is increasingly viewed as a development problem, requiring the alleviation of poverty together with the promotion of alternative livelihoods in resource-reliant communities. To be successful, such efforts must recognize the underlying logic of resource-users' livelihood choices. This study uses the activity of aquarium fish extraction in the Peruvian Amazon as a case study through which to examine the role that physical and non-physical assets (primarily knowledge) might play in determining households' participation patterns. An initial survey of the regional trade, undertaken through interviews with trade participants (n = 38) and analysis of government documents, revealed a large, valuable and complex industry. Data gathered through surveys among households in two proximate fishing villages (n = 37) indicated large inter- and intra-village variation in trade participation. Households that specialize in the activity tend to be young, and rich in nonphysical assets of knowledge and social capital.

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