This case study of red-cockaded woodpecker management in the Croatan National Forest in North Carolina demonstrates that a schedule of opportunity costs for endangered species management (1) is easy to calculate and (2) can help clarify management and policy alternatives The study also shows that the greatest gains from biological research Will come from Improved understandmg of how the woodpecker chooses new habitat Finally, It shows, In this case, management of endangered species need not impose large costs on society