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The company makes special provisions for the introduction of a species, such as the rhinoceros, for trophy hunting.Again, the animal cannot be prevented from ranging over the reserve, but when it wanders onto land controlled by another, ’the landowners will be obliged to agree on a method of resolving this problem and allowing the owner of the introduced animal to hunt the animal on the property where it has moved to.By combining Varty’s land management skills with Bernstein’s financial prowess, Conscorp has overcome the ’transaction costs’ that economists often argue limit the ability of the market to produce environmental amenities.The big reason why wild salmon on the Atlantic coast are not returning is that many are lost to the commercial nets of fishermen off the southwest coast of Greenland and Faroe Islands, where the salmon feed and grow before returning to spawn in their native rivers.Stopping commercial salmon fishing, even temporarily, would be difficult.Because salmon are the main source of income for Greenland and Faroe Islands fishermen, they are unwilling to simply give up netting on the high seas.Thus, the obvious question is what can be done to alleviate the income loss for these fishermen if salmon netting is stopped.Orri Vigfusson decided to circumvent the bureaucratic, regulatory approach with a proposal that allows both sport and commercial fishermen to win if netting is reduced.When this Icelandic businessman is not distilling and exporting vodka, he is either sport fishing for Atlantic salmon, raising them at his aquafarm, or seeking to restore wild stocks.He began in 1987 by investing his own resources in a study that established a link between netting and declining salmon stocks.Working from his salmon farm on the Laxa River in northeast Iceland, researchers tagged 8,000 fish and released them into the open ocean.The tagged fish did not return to spawn, but their tags were returned to Vigfusson by fishermen from Greenland and the Faroe Islands who caught the fish in their nets.Just as farmers receive payments not to irrigate, the Faroe Islands fishermen received $685,500 per year not to fish.As a result, in 1993, nearly twice as many salmon returned to their native rivers in Iceland and Europe.This program would compensate fishermen for the income they forgo from the projected catch and would finance training programs for fishermen that would prepare them for other work.Vigfusson believes that a program that retires netting rights and retrains fishermen will be better for them in the long run because they will be attaining skills capable of providing a sustainable occupation.Moreover, the inland salmon fisheries have the potential to produce additional economic wealth from recreational fishing.’While the value of one salmon is about $15 for a commercial fisherman, that same fish is probably worth $1,000 if it feeds into the sport of line fishing and associated commercial activity.Orri Vigfusson is able to apply his entrepreneurial skills to the North Atlantic salmon problem because the legal environment has established a system of transferable netting rights over which Vigfusson and the fishermen can contract.874, while eider protection is documented as far back as the thirteenth century.In 1230, the owner of an island near Reykjavik and a local priest agreed not to kill eiders.This agreement indicates that locals valued eiders and wanted them protected from excessive exploitation.In the late eighteenth century, the stage was set to move away from eider hunting and toward eider farming.In 1787, the Danish parliament issued a list of protective measures for the colony of Iceland.The list included the prohibition of eider harvesting except on one’s own land.In the 1770s, Magnusson harvested down and eggs from eider nests and husbanded a very large colony of eiders on the island of Videy.Because fines for illegal eider hunting were weakly enforced, a bill signed by the Danish king in 1849 made eider hunting illegal under any circumstances.The same bill extended property rights to eider down and eggs to the owners of land upon which eiders reside.With property rights secure, eider farming expanded.Eider farming grew and reached a peak in the second decade of the twentieth century.They defend against poachers and predators, improve habitat, and even build artificial nesting sites.As a result, Iceland boasts some of the largest eider duck colonies in the world.Arni Snaebjoernsson, a specialist on eiders in Iceland, estimates the eider population a