Endangering the endangered: The effects of perceived rarity on species exploitation

Abstract Classifying species by threat status can result in conservation benefits such as increased protection, but can also be an incentive to hunters responding to increased consumer demand for goods perceived to be rare, and therefore valuable. Bioeconomic theory provides a framework for examining the population consequences of differing responses of consumers (demand) and hunters (supply) to perceived rarity. We present a series of illustrative case studies of how perceived rarity affects consumer behavior and hunting pressure, and use a model to explore the scenario of most conservation concern (where rarity itself fuels increased exploitation). Rarity‐fuelled demand can have two undesirable outcomes: the species may become trapped at a low population size, or escalating hunting effort may drive the species to extinction. Understanding the response of consumers and hunters to perceived rarity is vital for predicting the impact of intervention strategies that seek to minimize extinction risk.