It wouldn't really be a Cobra Effect. In the Cobra Effect, the net number of Cobras (which were trying to be eliminated) was increased instead of decreased. If farmers start breeding livestock intentionally to be eaten by wolves, it's hard to see how this would have a net negative effect on the wolf population.
Maybe you're suggesting the wolves would forget how to hunt because they are constantly being fed by ranchers? This might be possible.
Either way, the key to implementing a policy like this would be testing it out with a small subset of Wyoming and measuring it's effects. Also, one should be careful not to over incentivize ranchers towards feeding wolves, but compensate them justly.
The other difference from the Cobra effect is that feeding wolves would result in a whole lot of problems for the rancher (as in life and limb to family). Those problems are enough of an incentive not to do those things. You really, really don't want a predator to learn free meals are on your land. You already have to manage the land use when ranching.
Yes, I wasn't suggesting an increase in the wolves population but rather that this solution could worsen the rancher's problem (of the ranchers) by educating the wolves to feed on livestock rather than hunt elks and deer.
Strictly speaking, under ideal condition wolves live longer, so an increase in population is also possible.
Maybe you're suggesting the wolves would forget how to hunt because they are constantly being fed by ranchers? This might be possible.
Either way, the key to implementing a policy like this would be testing it out with a small subset of Wyoming and measuring it's effects. Also, one should be careful not to over incentivize ranchers towards feeding wolves, but compensate them justly.