Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154848
Title: 
Authors: 
Kremer, Michael R.
Morcom, Charles
Year of Publication: 
1997
Series/Report no.: 
Nota di Lavoro, Fondazione Eni Enrico Mattei 86.1997
Abstract: 
Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase current prices, and current poaching. This implies that, for given initial conditions, there may be rational expectations equilibria leading both to extinction and to survival. Governments may be able to eliminate extinction equilibria by promising to implement tough anti-poaching measures if the population falls below a threshold. Alternatively, they, or private agents, may be able to eliminate extinction equilibria by accumulating a sufficient stockpile of the storable good.
Subjects: 
Storability
Durability
Open-access
Elephants
Fishery
Resources
Multiple equilibria
Rational expectations
JEL: 
D90
Q20
Q22
Document Type: 
Working Paper

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