The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 11

History books often lament the destruction of the great herds of bison that roamed the western prairies before the arrival of non-native hunters.
(a) Why were so many people willing to shoot these animals and leave their meat and hide to rot? Wasn't this highly wasteful? Why did so many apparently place such a high value on a moment of sport as to kill these animals for no other reason than the excitement of it?
(b) Who bore the costs when a hunter shot a bison or "buffalo" from the window of a passing train?
(c) Was the near extinction of the buffalo an irreversible act? Or could we bring those huge herds of buffalo back within a few years if the proper incentives existed?
(d) What animal has replaced the buffalo on the western prairies? Why do the numerous vast herds of cattle that cover the country not suffer the fate of the buffalo? What do you think would happen to the relative size of cattle and buffalo herds if Americans lost their taste for beef and acquired an intense love of buffalo meat?