How Much Does a Whale Cost?

In the past two weeks we've been discussing the tragedy of the commons, and the idea that unless a shared resource is somehow incentivized to be saved, than people will deplete it to extinction.  We discussed this in the context of grass on the commons, auctioned air, and now you will examine it in one other area:  the whaling industry.

Some of you may be familiar with this topic through "Whale Wars", while others of you might have thought that the practice of killing whales ended with Captain Ahab.  But the issue is becoming relevant again, and lo and behold some economists have gotten together and proposed a solution to help the whaling industry clean up its act.  Why, people should buy and sell whales.

Please read the article linked here (a warning to animal lovers:  the picture at the top of the article might gross you out a little).  After reading the market, consider the following:

• What is the current state of the whale population?  How are whales currently protected?  Do these protections seem to have much effect?
• What is the proposed option to save the whales?
• How is this scenario similar to the cap and trade auction we did in class?
• One argument against whale markets is that whales are different than pollution because they are sentient beings.  One researcher even suggests that this could be "worse than slavery."  Do you agree with this assessment?  Explain.
• How would enforcement work?
• Do you agree with this proposal or not?  Explain.

The first post will be due Saturday, January 14th at midnight.  The second post will be due Sunday, January 22nd at midnight.  These will be the last two posts of the quarter/semester, so make them count!