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Open Access Resources and Common Property Resources
'Property rights' represents a set of characteristics that offer certain exclusive power to the owner of the resource. 'Exclusivity' is an important concept in defining property rights. However, there are certain natural resources where 'exclusivity' is not applicable. For instance, take fishery and forestry, which are common property resources.
The owner has non-exclusive rights. He has to share the resource with others. It becomes nobody's resource and everybody's resource in the end. It is also known as open access resource. The presence or absence of exclusivity has some important implications for many economic issues. With private property rights, markets will allocate resources efficiently.
However, in the case of common property resources market mechanism does not lead to efficient allocation and some intervention is needed. This is because no one can prevent others from using the resource and from appropriating a share of rents from the resource.
The other type is called ex-post heterogeneity which refer to the conflict (of interests) arising due to distributional implications of the public policy. Thus when a public polic
We live in a globalized world economy. Our policy agenda, as we have discussed earlier have changed enormously to include environment, humanity in general as well as the conventio
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how to make summarize the basic tenets of the arguments in the case of Mark Davis 2010 of journal of liberty?
Case for Improving upon the Market System Unlike the "optimistic followers" of the "classical school" who believed that markets would "natural!yn or "automatically" prod
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