The Tragedy of the Commons, Livestock Cycles and Sustainability
AbstractThis paper revisits the tragedy of the commons and examines the conditions under which externalities contribute to livestock cycles. Using a stylised intertemporal model capturing the main characteristics of African livestock producers, we show that externalities magnify livestock cycles triggered by occasional droughts. This is true even when producers are fully rational. Two forces fuel such cycles: producers' concerns with consumption smoothing; and expected capital gains when demand for livestock products is inelastic. Implications regarding African livestock production are discussed. Copyright 1998 by Oxford University Press.
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Bibliographic InfoArticle provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.
Volume (Year): 7 (1998)
Issue (Month): 3 (October)
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