This is a review article on Burgstaller's book "Property and Prices" (1995). It is argued that the book misrepresents the common ground and the differences between the classical and the Walrasian approaches to value and distribution, and furthermore that many of the author's claims, e.g. that...

A tragedy of the commons appears when the users of a common resource have incentives to exploit it more than the socially efficient level. We analyze the situation when the tragedy of the commons is embedded in a network of users and sources. Users play a game of extractions, where they decide...

Assortative mechanisms can overcome tragedies of the commons that otherwise result in dilemma situations. Assortativity criteria include genetics (e.g. kin selection), preferences (e.g. homophily), locations (e.g. spatial interaction) and actions (e.g. meritocracy), usually presuming an...

Exploitation of natural resources such as oil and gas fields, coal and water basins are very important in the economic growth of countries. The importance of this issue for countries, especially the common natural resources, is twofold. Exploitation of common resources between countries is of...

We introduce a stochastic game in which transition probabilities depend on the history of the play, i.e., the players' past action choices. To solve this new type of game under the limiting average reward criterion, we determine the set of jointly-convergent pure-strategy rewards which can be...

Questions of burden sharing receive increasing attention in the climate change regime. This paper introduces the WESA-mechanism (WESA = Walrasian Equilibrium with the Stand Alone upper bound) for the fair division of common property resources and monetary compensations. Furthermore, the...

This paper introduces a solution for the fair division of common property resources in production economies with multiple inputs and outputs. It is derived from complementing the Walrasian solution by welfare bounds, whose ethical justification rests on commonality of ownership. We then apply...