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Saving the Whales: Lessons from the Extinction of the Eastern Arctic Bowhead

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  • ALLEN, ROBERT C.
  • KEAY, IAN

Abstract

In this article we investigate the possibility that a regulatory regime designed to maximize the profitability of the early Dutch whaling industry could have simultaneously guaranteed the biological sustainability of the eastern Arctic Bowhead whale. We find that policies with economic profit as the sole objective could have saved the whales, as well as increasing the incomes of the whalers, under assumptions commonly made in fisheries models. However, the necessary assumptions are implausible. Under more historically relevant assumptions we find that regulation could not have simultaneously increased profits and preserved the stock of whales.

Suggested Citation

  • Allen, Robert C. & Keay, Ian, 2004. "Saving the Whales: Lessons from the Extinction of the Eastern Arctic Bowhead," The Journal of Economic History, Cambridge University Press, vol. 64(2), pages 400-432, June.
    • Handle: RePEc:cup:jechis:v:64:y:2004:i:02:p:400-432_00
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    Cited by:

    1. Hilt, Eric, 2008. "The negative trade-off between risk and incentives: Evidence from the american whaling industry," Explorations in Economic History, Elsevier, vol. 45(4), pages 424-444, September.
    2. Coate Stephen & Knight Brian, 2010. "Pet Overpopulation: An Economic Analysis," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-59, December.
    3. M. Scott Taylor, 2011. "Buffalo Hunt: International Trade and the Virtual Extinction of the North American Bison," American Economic Review, American Economic Association, vol. 101(7), pages 3162-3195, December.
    4. repec:clg:wpaper:2015-03 is not listed on IDEAS
    5. Erhardt, Tobias & Weder, Rolf, 2020. "Shark hunting: On the vulnerability of resources with heterogeneous species," Resource and Energy Economics, Elsevier, vol. 61(C).
    6. Larry Karp & Armon Rezai, 2022. "Trade and Resource Sustainability with Asset Markets," Dynamic Games and Applications, Springer, vol. 12(3), pages 929-953, September.
    7. Donn L Feir & Rob Gillezeau & Maggie E C Jones, 2024. "The Slaughter of the Bison and Reversal of Fortunes on the Great Plains," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(3), pages 1634-1670.
    8. Erhardt, Tobias & Weder, Rolf, 2015. "Shark Hunting: International Trade and the Imminent Extinction of Heterogeneous Species," Working papers 2015/07, Faculty of Business and Economics - University of Basel.
    9. Donn Feir & Rob Gillezeau & Maggie Jones, 2017. "The Slaughter of the North American Bison and Reversal of Fortunes on the Great Plains," Department Discussion Papers 1701, Department of Economics, University of Victoria.
    10. Naima Farah & John R Boyce, "undated". "Elephants and Mammoths," Working Papers 2015-26, Department of Economics, University of Calgary, revised 28 Jan 2016.

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