This paper considers common use of natural, renewable resources. It identifies good prospects for efficiency and welfare. To wit, a core outcome - hence cooperation - can be secured over time by principal planning of total quotas, and in time by agents who share these in short-term markets....

Motivated by emission and resource markets, this paper considers repeated, bilateral barters between owners of commodity bundles, contingent claims, or property rights. Focus is on feasible, voluntary exchanges, driven only by differences in substitution rates. No coordination is ever needed....