Protecting endangered species that offer poachers from low-income countries high economic benefits remains a policy challenge. A broadly applicable economic model of poaching shows why CITES international bans have not always been successful, especially in situations where black markets exist and nonpoaching wages are low. In these situations, poachers may have nothing left to lose, since low nonpoaching wages impose a practical cap on the potential economic costs of fines and imprisonment. Thus, the model suggests “shoot-on-sight” policies as the only viable option. Trends in animal populations appear to support the efficacy of the shoot-on-sight policies, which also suggests an inherent value of life traditionally not captured in Value of a Statistical Life estimates. Keywords: Endangered species protection, Anti-poaching enforcement, Shoot-on-sight policies, African elephants, Value of a statistical life.