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We delineate the various ways in which rights to environmental and other resources can be assigned to individuals or groups. We then examine models of individual and group interactions, drawing out their implications for the ways in which resources will be utilized and managed under various...
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This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects...
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legal arrangements and corresponding topics in microeconomic theory, such as welfare economics and the theory of contracts. …
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Subsidies and in-kind transfers give rise to negative fiscal externalities. However, internalizing negative fiscal … externalities through taxation would undo the subsidy or in-kind transfer that caused them. Similarly, positive fiscal externalities … cannot be internalized though government subsidies. This paper describes a mechanism that transfers fiscal externalities from …
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