The Economics of Protecting Endangered Animals

The podcast discusses the economic considerations in protecting endangered animals. One key point is that conservation efforts are challenging because it is difficult to quantify the pros and cons. Economists Metric and Weitzman propose using the Noah's Ark problem to determine which species to save based on their expected utility and ecosystem services they provide. For example, the decline of vultures in India led to an increase in disease and economic costs. Another key point is the cost-benefit analysis of protecting species. The reintroduction of wolves to Yellowstone National Park brought in tourism revenue that outweighed the cost. The argument for protecting cheetahs in India revolves around the potential positive impact on the ecosystem and other species, like vultures.