While research has revealed the role of common property in risk diversification, poverty alleviation and resource management, few studies identify how common property management systems fill that role uniquely where market mechanisms or private property rights fail. To address that gap, the...

Systemic risk propagated through over-the-counter derivatives can best be managed by a public-private central counterparty clearing house (CCP). Though private CCPs provide an adequate amount of clearing's private good, they do not provide the socially optimal level of the public good or impure...