This paper extends the existing theory and empirical investigation of unitization contracts. It highlights the importance of incentive-compatibility and self-enforcement and the bargaining problems faced in achieving viable, long-term contracts. We argue that only if the parties to a unitization...

This paper, forthcoming in the New Palgrave Dictionary of Economics and the Law, describes the phenomena of common property and the incentive issues it raises. Various solutions to potential rent dissipation are outlined as are the bargaining problems associated with designing and implementing...

We examine government cartelization efforts in crude oil production. Texas and Saudi Arabia are alleged to act as swing producers to maintain the interstate (1933-1972) and OPEC (1973 on) oil cartels respectively. We analyze the political constraints that affected the ability of Texas and Saudi...