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American Economic Review: Vol. 90 No. 1 (March 2000)

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Elephants

Article Citation

Kremer, Michael, and Charles Morcom. 2000. "Elephants." American Economic Review, 90(1): 212-234.

DOI: 10.1257/aer.90.1.212

Abstract

Many open-access resources, such as elephants, are used to produce storable goods. Anticipated future scarcity of these resources will increase current prices and poaching. This implies that, for given initial conditions, there may be rational expectations equilibria leading to both extinction and survival. The cheapest way for governments to eliminate extinction equilibria may be to commit to tough antipoaching measures if the population falls below a threshold. For governments without credibility, the cheapest way to eliminate extinction equilibria may be to accumulate a sufficient stockpile of the storable good and threaten to sell it should the population fall.

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Authors

Kremer, Michael (Harvard U Brookings Institution, and NBER)
Morcom, Charles (Unlisted)

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Q21: Renewable Resources and Conservation: Demand and Supply (the Commons


American Economic Review


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