Can someone please give me an idea of how to respond to this post below?

Hank Fisher created an incentive for rural farmers to receive payment for livestock that was destroyed due to his wolf conservation and reintroduction program. While people have property rights to protect their lands and livestock, unfortunately, externalities exist in which wolves and other predatory animals must die for the farmers to protect their investments. This can cause a problem within the environment and ecosystem when predatory animals are hunted and killed. I think employing incentives for whales and other animals that are killed for human consumption (or any other reason) is the best method to take when approaching whether or not to impose new laws or regulations. This best serves people who are due their property rights but also creates a way for them to protect their investments and not destroy predatory animals in the process. My personal opinion would be to employ incentives before more government regulations or new laws.

Governments play a role in defining property rights and reducing transaction costs, as governments have helped create solutions to market externalities (Cowen & Tabarrok). "Coarse theorem says that markets can internalize externalities when transaction costs are low and property rights are clearly defined (Cowen & Tabarrok)." Therefore, the Coase theorem provides a legal and economic theory that explains how negotiations can settle property disputes. Creating incentives in this area of concern provides protections for both animals and property owners, also satisfying biodiversity promoters. Subsidies or incentives like that created by Fisher enable farmers to be protected with their property rights and profits, plus wolves and other predatory animals can be conserved for future generations, enabling the animals not to become endangered. The creation of incentives in these types of scenarios is far better than that of additional taxes or mandates for property owners. Incentives are necessary to supplement other conservation tools, such as regulations and land acquisition (Casey et al.)