This paper summarizes and synthesizes the role of markets in facilitating climate change adaptation. It explains how market signals encourage adaptation through land markets. It also identifies impediments to critical market signals, provides related policy recommendations, and points to...

Front Cover -- Book Title -- Copyright -- Contents -- Foreword -- Acknowledgments -- Introduction to the Hoover Classics Edition -- 1. What Are Property Rights? -- 2. What Do Property Rights Do? -- 3. Where Do Property Rights Come From? -- 4. How Secure Are Property Rights? -- 5. Will Property...

This paper summarizes and synthesizes the role of markets in facilitating climate change adaptation. It explains how market signals encourage adaptation through land markets. It also identifies impediments to critical market signals, provides related policy recommendations, and points to...

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...

Over the past three decades, the environmental movement has promoted a view of American Indians as the "original conservationists"-that is, "people so intimately bound to the land that they have left no mark upon it" (White and Cronon 1988, 417). References to this image abound: "The Indians...

Economic analysis of natural resource and environmental issues inappropriately places too much emphasis on Pigouvian externalities and too little on Coasean property rights and transaction costs. The crucial questions are who has what property rights and what are the transaction costs associated...

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...