Ecosystem degradation has motivated a search for successful conservation approaches. The perceived failure of state-directed protected areas in the tropics has prompted experimentation with community management and co-management strategies. Numerous case studies suggest that none of these are effective universally. There exists, however, little analytical or empirical work to identify under what conditions one arrangement will be more effective than another. This paper develops a model of state-dependent equilibrium conservation management design that identifies the comparative advantage of different managers, in the interest of appropriately locating authority for conservation tasks as a function of prevailing biophysical, economic, and sociopolitical conditions.