More than thirty years ago Milton Friedman proposed a 'plucking' model of business fluctuations in which output cannot exceed a ceiling level, but will, from time to time, be plucked downward by recession. The model implied that business fluctuations are asymmetric, that recessions have only a...

We develop a model which is intended to accurately portray the behavior of the key players in this drama centering on the survival of the black rhinos and we estimate the optimal prices and quantities of rhino horn delivered to the market which will result in the preservation of the black rhino...