We design a laboratory experiment to explore whether and how property endogenously arises in a specialization and exchange environment where "theft" is costless. Additional treatments make available optional private protection mechanisms. We find that although an absence of exogenous enforcement...

We report 28 new experiment sessions consisting of up to three experience levels to examine the robustness of learning and "error" elimination among participants in a laboratory asset market and its effect on price bubbles. Our answer to the title question is: "yes." We impose a large increase...

First written in 1977, Economics of Natural and Environmental Resources presents a collection of articles written in exploration of the economic, social, and ecological problems peculiar to natural and environmental resources. Whilst focusing on the economic theory of natural resources, the...