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...

In law as well as economics, the most well-known aspect of Coase's “The Problem of Social Cost,” is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics — namely, transaction cost analysis. In this Article, I...

Using the method of Caballero and Lyons (1990, 1992), I examine detailed Swedish manufacturing firm-level data on output and factor inputs from 1979 through 1994. Panel regressions show that an increase in aggregate output and inputs appears to raise individual firms production beyond private...