What are economic arguments against the rule of capture

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a. Describe the rule of capture including the seminal case in which it was first articulated?

b. In the context of trapping foxes from which this case arose, does the rule of capture make sense?

c) What are economic arguments against the rule of capture?

d) Would the rule of capture be a serious problem if an oil field were only shared by one or two individuals?

e) Would the rule of capture be a serious problem if an oil field were shared by many property owners?

f) What is a “regulatory” solution if an oil field is shared by many property owners, that mitigate the harm, if any, associated with the rule of capture.

g) What problems might arise under this regulatory system?

Reference no: EM131090411

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