INDIANS, THE BEAVER, AND THE BAY - THE ECONOMICS OF DEPLETION IN THE LANDS OF THE HUDSONS-BAY-COMPANY, 1700-1763

Indians depleted the beaver, yet we do not understand why. We analyzed the pattern and determinants of beaver exploitation in the hinterland s of three Hudson's Bay Company posts. Simulating beaver population, w e found declining beaver stock within each hinterland, but overharvest ing in only two. Central to this process was the Company reaction to F rench competition. Managers raised prices in the Albany and York hinte rlands, and in response the Indians increased their harvests. Churchil l, which did not experience French competition, had more stable fur pr ices and showed no evidence of overexploitation of the beaver.