AREC365 Lecture Notes - Lecture 7: Coase Theorem, Cod Fisheries, Prentice Hall
10 Feb 2017
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Arec 365 lecture notes sept 21 and 23. Property regimes (daniel bromley: private, rights belong to the owner, public, ex. farmland in china, common property, a fairly restricted/limited class, ex. Inuit (?: ex. high-quality streams under strict english and german riparian laws (more prevalent in europe greater tradition of common property, open access (no property, bison, ocean fish (beyond a 200 mile limit) Many resources in 1, 2, and 3 can have indefinite property rights. (cid:862)fugiti(cid:448)e(cid:863) the natural resource must be captured through use before it is reduced to possession. Other external economies (with spillover benefits: vaccination, education, gardens/well-maintained properties. Indivisibility (rival; if i get some, you get less) As long as there is a positive surplus, there is motivation for more hunters to enter the industry / more effort to be expended on this resource. The slope of the curve (see graph) is marginal benefit and changes as you go along the curve.
