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This study analyses the links between risk and the kinds of property rights that have evolved to provide the mobility needed to raise livestock where rainfall fluctuates, and it evaluates the impact of cooperation on resource management in these environments.Three interesting conclusions emerge from the analyses with respect to economic vulnerability and natural resource management in these environments. there is little evidence of dramatic misuse of land resources by herders; rather, evidence suggests that overstocking, limited herd mobility, and encroachment of farmland on common pastures vary a good deal both within and across countriesstock densities are lower precisely in areas with very high rainfall variability, whereas herd mobility is strongly related to recent rainfall patternsgreater cooperative capacity significantly reduces grazing pressure on home resourcesWhile it remains a challenge for policymakers to design and implement mechanisms to increase cooperative capacities, this research points to the scope for such action. [adapted from author]