Buffalo in the United States almost became extinct while cattle, an animal that provides similar products, never has been close to extinction. The difference is due to
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the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo.
the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo.
the use of private property rights on cattle and common property rights on buffalo.
cattle existing in Europe also while buffalo were specific to North America.
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