ABSTRACT
This chapter begins, as always, with an overview of the issue of biodiversity and protection of endangered species and ecosystems. It then turns to a discussion of institutions set in place for endangered species protection both in the United States and Europe. This is followed by a description of international institutions governing international trade in endangered species. The discussion then turns to the economic approach to endangered species protection, which is fundamentally based on weighing costs and benefits. To operationalize this basic idea, we then present a model developed by the economist Martin Weitzman called the Noah’s Ark problem. This model provides some potentially testable hypotheses concerning the efficiency of policies for endangered species protection. This model is then used to evaluate the implementation of the Endangered Species Act in the United States. The discussion then turns to the issue of wild elephant management in Africa and the various policies that have been pursued. These policies include the fortress approach, the participatory approach, and international bans on ivory. The discussion concludes with an examination of some public choice issues surrounding endangered species protection; particularly the role in the United State of politics in deciding which species receive protection and how long it takes for endangered species to receive protection.
