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The Tragedy of the Commons, Livestock Cycles and Sustainability

The Tragedy of the Commons, Livestock Cycles and Sustainability This paper revisits the tragedy of the commons and examines the conditions under which externalities contribute to livestock cycles. Using a stylised intertemporal model capturing the main characteristics of African livestock producers, we show that externalities magnify livestock cycles triggered by occasional droughts. This is true even when producers are fully rational. Two forces fuel such cycles: producers' concerns with consumption smoothing; and expected capital gains when demand for livestock products is inelastic. Implications regarding African livestock production are discussed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of African Economies Oxford University Press

The Tragedy of the Commons, Livestock Cycles and Sustainability

Fafchamps, Marcel
Journal of African Economies , Volume 7 (3) – Oct 1, 1998
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Publisher
Oxford University Press
Copyright
© Published by Oxford University Press.
ISSN
0963-8024
eISSN
1464-3723
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Abstract

This paper revisits the tragedy of the commons and examines the conditions under which externalities contribute to livestock cycles. Using a stylised intertemporal model capturing the main characteristics of African livestock producers, we show that externalities magnify livestock cycles triggered by occasional droughts. This is true even when producers are fully rational. Two forces fuel such cycles: producers' concerns with consumption smoothing; and expected capital gains when demand for livestock products is inelastic. Implications regarding African livestock production are discussed.

Journal

Journal of African Economies – Oxford University Press

Published: Oct 1, 1998

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