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Property Rights, Competition and Depletion in the Eighteenth-Century Canadian Fur Trade: The Role of the European Market

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Author Info
Ann M. Carlos
Frank D. Lewis

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Abstract

Pricing behavior at three Hudson's Bay Company trading posts is examined in terms of a model of long-run profit maximization of a depletable resource. At Fort Churchill, where the company acted as a monopsonist purchaser of furs from the Indians, rising European fur prices had little impact on prices paid to Indians and beaver stocks in the hinterland were maintained. At Fort Albany and York Factory, where the company faced competition from French traders, prices at the posts were raised and the beaver was depleted. These outcomes are consistent with optimal pricing behavior by the company. The lack of well-defined Native property rights to the beaver was a crucial element.

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File URL: http://economics.ca/cgi/xms?jab=v32n3/07.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 32 (1999)
Issue (Month): 3 (May)
Pages: 705-728
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Handle: RePEc:cje:issued:v:32:y:1999:i:3:p:705-728

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  1. M. Scott Taylor, 2007. "Buffalo Hunt: International Trade and the Virtual Extinction of the North American Bison," NBER Working Papers 12969, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.