The Tragedy of the Commons, Livestock Cycles and Sustainability

The Tragedy of the Commons, Livestock Cycles and Sustainability

Author: 
Fafchamps, Marcel
Place: 
Oxford
Publisher: 
Oxford University Press
Date published: 
1998
Record type: 
Journal Title: 
Journal of African Economies
Source: 
Journal of African Economies Volume 7 Supp 3 October 1998 pp. 384-423
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.

Language: 

CITATION: Fafchamps, Marcel. The Tragedy of the Commons, Livestock Cycles and Sustainability . Oxford : Oxford University Press , 1998. Journal of African Economies Volume 7 Supp 3 October 1998 pp. 384-423 - Available at: https://library.au.int/tragedy-commons-livestock-cycles-and-sustainability