Abstract
Markets are increasingly being incorporated into many aspects of daily life and are becoming an important part of the conservation solution space. Although market‐based solutions to environmental problems can result in improvements to conservation, a body of social science research highlights how markets may also have unforeseen consequences by crowding out or displacing 3 key types of behaviors potentially relevant to conservation, including people's willingness to engage in collective action and civic duty; tolerance for inflicting harm on others (third‐party externalities); and desire for equity. Better understanding of the contexts and mechanisms through which this crowding out occurs and whether specific market‐based instruments are more prone to different types of crowding out will be crucial to developing novel conservation initiatives that can reduce or prevent crowding out.