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The Value of Secure Property Rights : Evidence from Global Fisheries

Grainger, Corbett - 2011

Property rights are commonly touted as a solution to common pool resource problems. But in practice the security of these property rights varies substantially owing to differences in design. In fisheries, the design of individual transferable quotas (ITQs) varies widely; the consequences of...

Persistent link: https://www.econbiz.de/10013125578

A Free Lunch in the Commons

Kotchen, Matthew J. - 2010

We derive conditions under which cost-increasing measures - consistent with either regulatory constraints or fully expropriated taxes - can increase the profits of all agents active within a common-pool resource. This somewhat counterintuitive result is possible regardless of whether price is...

Persistent link: https://www.econbiz.de/10013152439

Trade, Tragedy, and the Commons

Copeland, Brian Richard; Taylor, Michael Scott - 2021

We develop a theory of resource management where the degree to which countries escape the tragedy of the commons is … at any world price, have zero rents and suffer from the tragedy of the commons. Ostrom economies exhibit de facto open …

Persistent link: https://www.econbiz.de/10013247854

State Versus Private Ownership

Shleifer, Andrei - 2021

Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...

Persistent link: https://www.econbiz.de/10013239155

Rationing the Commons

Ryan, Nicholas; Sudarshan, Anant - 2022

Common resources may be managed with inefficient policies for the sake of equity. We study how rationing the commons …

Persistent link: https://www.econbiz.de/10013308483

Bridging vs. Bonding Social Capital and the Management of Common Pool Resources

Baylis, Kathy - 2013

Social capital can facilitate community governance, but not all social capital is alike. We distinguish bonding social capital (within a village) from bridging social capital (between villages), and we compare their effects on the management of a common pool resource. We develop a theoretical...

Persistent link: https://www.econbiz.de/10013079595

Elephants

Kremer, Michael; Morcom, Charles - 2022

Existing models of open-access resources are applicable to non-storable resources, such as fish. Many open-access resources, however, are used to produce storable goods. Elephants, rhinos, and tigers are three prominent examples. Anticipated future scarcity of these resources will increase...

Persistent link: https://www.econbiz.de/10014106205

How are Preferences Revealed?

Beshears, John - 2010

and investment outcomes …

Persistent link: https://www.econbiz.de/10012759332

Investment Cycles and Sovereign Debt Overhang

Aguiar, Mark - 2010

to vary with the state of the economy, generating cyclicality in investment and debt in an environment where the first … best capital stock is a constant. The government's lack of commitment induces a negative correlation between investment and … improving and cannot affect the long-run level of investment. Further, restricting the government to a balanced budget can …

Persistent link: https://www.econbiz.de/10012759889

Irreversible Investment, Capital Costs and Productivity Growth : Implications for Telecommunications

Bernstein, Jeffrey Ian - 2010

This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle...

Persistent link: https://www.econbiz.de/10012759928