Protecting the African elephant: A dynamic bioeconomic model of ivory trade

A dynamic bioeconomic model of ivory trade is used to investigate the efficacy of conservation payments, tourism benefits, quota regimes and a trade ban on the protection of the African elephant (Laxadonta africana). The model consists of four ivory exporting regions and one demand region. Results indicate that a trade ban might not be successful in maintaining elephants, even if it increases the costs of marketing ivory and leads to a stigma effect that reduces demand. Indeed, trade in elephant products may offer some hope for the elephant, but only if there exist effective institutions that translate in situ protection into economic values.