Existence value and the extermination race
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The term existence value is supposed to capture the value of a certain species or a scenic landscape when there is no intention of current use involved. The term and concept are usually thought to create incentives to preserve e.g. endangered species. By treating existence value as a public good, we formulate a public good game model. The model demonstrates that the relationship between the magnitude of existence value and the survival of a species is not necessarily linear nor unambiguously positive. As the existence value increases above a certain level, our analysis shows that strategic considerations may trigger incentives to exterminate rather than safeguard endangered species.