One reason that some whales were hunted close to extinction is that no one can claim ownership of a whale until it is killed. If property rights to the whale population were established
a. the price of whales would be kept artificially low so that trade in whales would become unprofitable.
b. no one would hunt whales.
c. the owners would have the incentive to ensure a sustainable yield of whales, so the whale population could recover.
d. then whales would surely be hunted to extinction.
e. the whales would be hunted to extinction only when the price is high and it is profitable to trade in whales.