After the recent reintroduction of wolves in Denmark a heated public debate among a number of stakeholders arose. In this paper the arguments by these stakeholders is identified and a model for joint management of a wolf and deer population is used to discuss each of the arguments. By using the model we argue that an interior solution with both a positive population and harvest of wolves might be social optimal. This implies that none of the stakeholder´s arguments holds when evaluated separately by a social planner because each represents one out of several benefits and costs arising from a population of wolves. However, each of the arguments can be perfectly rational when evaluated from the point of view of each stakeholder and an incentive to cooperation between stakeholders may exist if these are interested in an approximately identical population of wolves.