This paper discusses Pareto efficient allocations of an environmental commo
dity, which is both a public good and a public bad, with an application to
the Scandinavian problem of conserving wild predators that are killing semi
-domesticated reindeer. The paper begins by briefly outlining this conflict
. This is followed by a theoretical analysis employing a diagrammatic tool
called the Kolm triangle, which is an analogue of an Edgeworth box in an ec
onomy with a public good. Bargaining, Pareto improving reallocations and th
e shape of the Pareto set are discussed, using a simple model, where one of
the agents is involountarily contributing to a public good. The paper conc
ludes with an analysis of income-loss compensations and incentives for ille
gal hunting of predators.