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The global portfolio of protected areas is growing rapidly, despite widely recognized shortfalls in management effectiveness. Pressure to meet area-coverage and management effectiveness objectives makes it essential to determine how limited conservation funds should be allocated between expanding protected area networks and better enforcing existing reserves. We formally explore this question for the particular case of an exploited species in a partially protected system, using a general model linking protection, enforcement and legal/illegal resource extraction. Click on the link below to read the full article.