Common property regime , Microeconomics

Common Property Regime

Common property is the property on which well-defined collective claims by an exclusive group are established, the use of the resource is subtractive, having the characteristic of a public good such as indivisibility. The common property resource has two distinct features. First, it has the nature of a public good, which is the physical and intrinsic character of the resource. Second, it should have an association with a community or user group in a specific way, namely with collective claims.

Further, CPR, in principle, has three basic characteristics.  First, a well-defined group or community has to have exclusive rights on the use of the resource. Second, there is the non-excludability condition that no member of that community can be excluded from the use of the resource. However, no single individual in the group has any exclusive property rights on those resources either. Nor does any outsider member have any rights. Third, the use of the resource is subtractive in the sense that use of it by any user would reduce access and the welfare of other members in the group.

 

Posted Date: 12/18/2012 12:02:12 AM | Location : United States







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