Open access resources and common property resources, Public Economics

Assignment Help:

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.


Related Discussions:- Open access resources and common property resources

Communicating with publics, When Neff says that "the very essence of public...

When Neff says that "the very essence of public relations is grounded in communication" (2010 p.373) she goes on to point to two features of communication that should aid us in ana

Price and extraction path over time, Normal 0 false false f...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Complexity and the policy process, There has been a long history of researc...

There has been a long history of research on ‘the policy process' which is ‘closely connected to efforts to examine the nature of power in society and to specify the necessary cond

Health Economics, 1.) In what way is insurance for medical loss/illness dif...

1.) In what way is insurance for medical loss/illness differ from insurance for any type of property loss?

Relationship between individual preference and social choice, Q. Relationsh...

Q. Relationship between individual preference and social choice? Social Choice is a very kindred area. Some people don't make any distinction between the two while others make.

Stabilization policy, The monetarist and fiscal controversy is still on. Th...

The monetarist and fiscal controversy is still on. The recent history of the U.S. looks like a success story of the monetarists; but besides pure luck, it involved strong element o

Flaws in conventional system - representation, Flaws in Conventional System...

Flaws in Conventional System - Representation Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplore

Regulations and competition policy - privatization, One of these is deregul...

One of these is deregulator or privatization of public enterprises or utilities. Deregulation is a world wide phenomenon. But experience of power failure in California and Mumbai r

Opportunity cost of everything increase, Earlier than the Civil War, the So...

Earlier than the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. Throughout the war, one of Lincoln's first acti

Related goods approaches - direct substitute approach, Related Goods Approa...

Related Goods Approaches - Direct Substitute Approach Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInterne

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd