Abstract—We explore the performance tradeoff between opportunistic and regulated access inherent in the design of multiuser cognitive radio networks. We consider a cognitive radio system with sensing limits at the secondary users and interference tolerance limits at the primary and secondary users. Our objective is to determine the optimal amount of spectrum sharing, i.e., the number of secondary users that maximizes the total deliverable throughput in the system. We begin with the case of perfect primary user detection and zero interference tolerance at each of the primary and secondary nodes. We find that the optimal fraction of licensed users lies between the two extremes of fully opportunistic and fully licensed operation and is equal to the traffic duty cycle. For the more involved case of imperfect sensing and non-zero interference tolerance constraints, we provide numerical simulation results to study the tradeoff between licensing and autonomy and the impact of primary user...