This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects...

The use of public resources is governed by a combination of private contracts and public regulations. Most often, private landowners control access rights, and government agencies regulate hunting and other uses. This paper shows that these institutions depend on wildlife values and the ability...

The dramatic near extinction, and subsequent recovery and restoration, of the American bison during the late nineteenth century is examined using a property rights model of renewable resource production. The paper considers the implications of bison exploitation under open-access,...