According to the International Rhino Foundation, on average, one rhino is killed by poachers every 15 hours. Despite aggressive anti-poaching measures, the global rhino population has continued to decline.
Wake Forest economist Fred Chen’s decades-long research on rhino horn poaching examines the outcomes of defensive anti-trafficking efforts (such as rhino relocation, anti-poaching patrols, GPS trackers, dehorning, drones, K-9 units and legal actions) and offers a new economic-based solution to preserve and protect these animals.
Chen’s book, “The Economics of the Wildlife Trade (2026),” co-written with Michael ‘t Sas-Rolfes at the University of Oxford, analyzes the economic forces behind wildlife markets to offer a proactive rather than reactive way to save wildlife. Their research suggests that reducing demand for rhino horns is key to advancing the fight to protect rhinos. analyze the trade in wildlife goods, the potential effects of various conservation policies, and the economic forces that govern the workings of the markets for wildlife goods.
Conservation is ultimately an economics problem
A deep understanding of economic principles is needed to address conservation issues.
Dialogue between economists and conservationists is key to protecting wildlife.
“Conservationists tend to use techniques aimed at protecting the animals from the poachers rather than eliminating the desire to poach in the first place,” said Chen. “Ultimately, conservation is an economic problem.”
Wildlife conservation efforts benefit from applying a supply-and-demand framework. “The Economics of Wildlife Trade” compares the potential effects of various conservation policies, and explores the economic forces that govern the workings of the markets for wildlife goods.
Dehorning rhinos, for instance, offered a temporary reprieve on some reserves, but poachers quickly adapted their tactics to include killing dehorned animals for the horn stubs, proving that focusing solely on defense doesn’t work. “Dehorning is not a long-term solution to poaching. Scientists also don’t know how cutting the horns will affect rhino behavior, and the horns do grow back,” Chen explains.
“Lasting solutions to conservation issues depend on a greater dialogue between economists and conservationists, which may require a fundamental change in how conservation professionals are educated and trained.”
Wake Forest economics professor Fred Chen
Rhino poaching is expected to be addressed at the CITES CoP20 World Wildlife Conference, the world’s largest and most influential meeting on international wildlife trade to be held Nov. 24 through Dec. 5. The agenda is likely to include reviewing and potentially overhauling the traditional defensive strategies for protecting rhinos.
Although rhino horns, like human fingernails, are made of keratin, there are misconceptions in some Asian countries that ground rhino horn has medicinal value. The high price of horns on the black market has also made owning them a status symbol.
Rhino horn, elephant ivory and tiger products command high prices among consumers. Based on the UNODC World Wildlife Crime Report 2024, the illegal wildlife trade is valued at approximately $20 billion per year, placing wildlife crime among the most lucrative illegal global businesses.
Due to the black market nature of the transactions, however, determining the amount of money made from the illegal trade in rhino horns, ivory and tiger parts is nearly impossible, Chen said. However, estimates of the annual market size provide insight into the potential profits involved.
“These challenges are complex and require a level of knowledge beyond Econ 101,” said Chen. “The purpose of our book is not to educate the conservation community about economics, but to bridge the gap between conservation and economics through dialogue.”
