Wildlife law is an ancient body of law -- varying widely over time and across locations -- touching some of the most important issues in law and economics, including the efficient design of property rights, the importance of transaction costs, the relationship between private contracting and...

Wildlife law is an ancient body of law -- varying widely over time and across locations -- touching some of the most important issues in law and economics, including the efficient design of property rights, the importance of transaction costs, the relationship between private contracting and...

Is there a way to understand why some global environmental externalities are addressed effectively whereas others are not? The transaction costs of defining the property rights to mitigation benefits and costs is a useful framework for such analysis. This approach views international cooperation...

"We show that grandfathering fishing rights to local users or recognizing first possessions is more dynamically efficient than auctions of such rights. It is often argued that auctions allocate rights to the highest-valued users and thereby maximize resource rents. We counter that rents are not...