Rhino poaching is a serious problem in South Africa, where a large proportion of Africa’s rhino population is found. The demand for rhino horns, used in traditional Chinese medicine, has increased the prices of rhino horns substantially. This has fueled an illegal market for rhino horns. What economic tools can be used to solve this problem? (Hint: Look up Elinor Ostrom’s Nobel Lecture

“Beyond Markets and States: Polycentric Governance of Complex Economic Systems.”)