Even though the assigning of the formal property rights are the most obvious response to externalities involving the environment and natural resources, they typically are not the first action taken. Indeed, they often are the last, coming only after a crisis. Why is that? One reason is that...

Even though the assigning of the formal property rights are the most obvious response to externalities involving the environment and natural resources, they typically are not the first action taken. Indeed, they often are the last, coming only after a crisis. Why is that? One reason is that...