, injunctions or other forms of property rules work better than compensation for damage or liability rules. The equivalences of the …

discharges contaminate riparian properties belonging to multiple owners, and we compare property rules, liability rules, and … to liability rules when there are few parties and bargaining is feasible, but they excessively deter efficient pollution … liability rules to regulation. An empirical analysis of water quality in the U.S. before and after the Clean Water Act shows …

, injunctions or other forms of property rules work better than compensation for damage or liability rules. The equivalences of the …