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  • Charles Morcom
  • Michael Kremer
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    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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    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 90 (2000)
    Issue (Month): 1 (March)
    Pages: 212-234

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    Handle: RePEc:aea:aecrev:v:90:y:2000:i:1:p:212-234
    Note: DOI: 10.1257/aer.90.1.212
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    1. Berck, Peter & Perloff, Jeffrey M, 1982. "An Open-Access Fishery with Rational Expectations," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt876499mq, Department of Agricultural & Resource Economics, UC Berkeley.
    2. GAUDET, GĂ©rard & MOREAUX, Michel & SALANT, Stephen W., 1997. "Private Storage of Common Property," Cahiers de recherche 9704, Universite de Montreal, Departement de sciences economiques.
    3. Benhabib, Jess & Radner, Roy, 1992. "The Joint Exploitation of a Productive Asset: A Game-Theoretic Approach," Economic Theory, Springer, vol. 2(2), pages 155-90, April.
    4. Bergstrom, Ted, 1990. "On the Economics of Crime and Confiscation," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 171-78, Summer.
    5. Kremer, M. & Morcom, C., 1996. "Elephants," Working papers 96-17, Massachusetts Institute of Technology (MIT), Department of Economics.
    6. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
    7. Haurie, Alain & Pohjola, Matti, 1987. "Efficient equilibria in a differential game of capitalism," Journal of Economic Dynamics and Control, Elsevier, vol. 11(1), pages 65-78, March.
    8. Reinganum, Jennifer F & Stokey, Nancy L, 1985. "Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 161-73, February.
    9. Lancaster, Kelvin, 1973. "The Dynamic Inefficiency of Capitalism," Journal of Political Economy, University of Chicago Press, vol. 81(5), pages 1092-1109, Sept.-Oct.
    10. Smith, Vernon L, 1971. "Economics of Production from Natural Resources: Reply," American Economic Review, American Economic Association, vol. 61(3), pages 488-91, June.
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