"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...

"Free market environmentalism is an optimistic paradigm for linking dynamic environments with dynamic economies using property rights and markets to provide incentives for good resource stewardship. This book provides a new paradigm for environmentalism, offering examples of how free market...