Environmental policies generally address problems associated with ill-defined property rights. Our framework describes property rights "regimes" as functions of the degree of consolidation of rights to an asset and of the parties holding those rights. Efficient resource use occurs if welfare...

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Agriculture and the environment are linked by a mutual reliance on scarce resources and prevalent market distortions. In this paper we examine the efficiency costs of policies that correct distortions in one sector while ignoring those in another. The dual distortions of an environmental...

This article examines the economic impacts of policy alternatives for addressing allocative inefficiencies among agricultural, urban, and environmental uses of federal water. The Central Valley Project Improvement Act, composed of multiple incentive-based and command-and-control policies, forms...