Property regimes as information regimes: Efficiency and economies of jointproduction

Authors
Citation
Sr. Steele, Property regimes as information regimes: Efficiency and economies of jointproduction, ENVIRON R E, 18(3), 2001, pp. 317-337
Citations number
17
Categorie Soggetti
Economics
Journal title
ENVIRONMENTAL & RESOURCE ECONOMICS
ISSN journal
09246460 → ACNP
Volume
18
Issue
3
Year of publication
2001
Pages
317 - 337
Database
ISI
SICI code
0924-6460(200103)18:3<317:PRAIRE>2.0.ZU;2-0
Abstract
The paper argues that it is useful to view property regimes as information regimes. A conceptual model and numerical example are used to show that, un der some reasonable assumptions, a common property regime is preferable to a private property regime when property regimes are viewed as information r egimes. The paper considers a case of idiosyncratic risk in a dynamic grazi ng context where the marginality of the resource is such that insurance mar kets are thin or non-existent. Agents are thought to be risk averse and exo genous enforcement of a risk sharing scheme is not feasible. The policy imp lication is that the establishment and maintenance of a common property reg ime is shown to be a (possibly) reasonable institutional response in the fa ce of difficult and particular circumstances when property regimes are view ed as information regimes.