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| Author: | Farrow, S. |
| Title: | Extinction and market forces: two case studies |
| Journal: | Ecological Economics
1995 : MAY, VOL. 13:2, p. 115-123 |
| Index terms: | PRIVATIZATION ENVIRONMENTAL DAMAGE CONSERVATION |
| Language: | eng |
| Abstract: | Extinction defines a loss in biodiversity. An established economic model suggests that extinction can be avoided, even in common property settings, if the initial stock is sufficiently large that price and cost evolve to a non-extinction equilibrium. Alternatively, privatization has been suggested as a means to avoid extinction. The empirical validity of these conclusions are investigated by studying the collapse of two species that signaled the end of the United States frontier - the passenger pigeon and the buffalo. The historical studies suggest that the theoretical possibility of a non-extinction equilibrium is unlikely to hold in practice. |
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