Bulte, Erwin H.; Mason, Charles F.; Horan, Richard D. - In: Land Economics 79 (2003) 4
For a number of animal species, speculators are betting on future price increases by holding large stockpiles of commodities from the animal. We develop a model to explain this behavior. We derive conditions where it can be optimal for a speculator to induce poachers to harvest so rapidly as to...