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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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  • Ann M. Carlos
  • Frank D. Lewis

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.

Suggested Citation

  • Ann M. Carlos & Frank D. Lewis, 1999. "Property Rights, Competition and Depletion in the Eighteenth-Century Canadian Fur Trade: The Role of the European Market," Canadian Journal of Economics, Canadian Economics Association, vol. 32(3), pages 705-728, May.
    • Handle: RePEc:cje:issued:v:32:y:1999:i:3:p:705-728
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    Cited by:

    1. McCloskey, Deirdre Nansen, 2009. "The Institution of Douglass North," MPRA Paper 21768, University Library of Munich, Germany.
    2. M. Scott Taylor, 2011. "Buffalo Hunt: International Trade and the Virtual Extinction of the North American Bison," American Economic Review, American Economic Association, vol. 101(7), pages 3162-3195, December.
    3. Gillian C. Hamilton & Ian Keay & Frank D. Lewis, 2017. "Contributions to Canadian economic history: The last 30 years," Canadian Journal of Economics, Canadian Economics Association, vol. 50(5), pages 1632-1657, December.
    4. Larry Karp & Armon Rezai, 2022. "Trade and Resource Sustainability with Asset Markets," Dynamic Games and Applications, Springer, vol. 12(3), pages 929-953, September.
    5. Donna Feir & Rob Gillezeau & Maggie E. C. Jones, 2019. "The Slaughter of the Bison and Reversal of Fortunes on the Great Plains," Center for Indian Country Development series 1-2019, Federal Reserve Bank of Minneapolis.
    6. Ann Carlos & Frank D. Lewis, 2010. "Property Rights, Standards Of Living, And Economic Growth: Western Canadian Cree," Working Paper 1232, Economics Department, Queen's University.
    7. Donn Feir & Rob Gillezeau & Maggie Jones, 2017. "The Slaughter of the North American Bison and Reversal of Fortunes on the Great Plains," Department Discussion Papers 1701, Department of Economics, University of Victoria.

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