Economics: Theory versus Practice in Wildlife Management

One of the most controversial issues in wildlife management in North America is the trend towards the commercialization of wildlife. The sale of hunting privileges and game ranching are forms of wildlife commercialization that have not been unanimously accepted, and widely opposing views exist on the merits and drawbacks of the use of economic incentives for the management of wild animals. In this essay the use of economics is explored from a theoretical “free market” perspective and from a more practical point of view. The issue of market failure is addressed and potential solutions are offered, such as tax incentives and government farm programs. Also the question of when market‐oriented solutions are applicable to wildlife is discussed. We conclude that polarization of the issue is counterproductive and that some of the more innovative solutions to current wildlife management problems can be found between the opposite extremes of public ownership and the profit‐motivated incentives offered by the market.