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Economic Theory of Commons: Revisited

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Type: Conference Paper
Author: Kant, Sashi; Nautiyal, J. C.
Conference: Inequality and the Commons, the Third Biennial Conference of the International Association for the Study of Common Property
Location: Washington, DC
Conf. Date: September 1992
Date: 1992
URI: https://hdl.handle.net/10535/1993
Sector: Theory
Subject(s): common pool resources
property rights
transaction costs
Abstract: "The conventional economic theory of commons skipped the fundamental role of institutional structures and associated transaction costs as elements of the set of opportunity choices of resource manager. A empirical economic model of commons which incorporates the role of institutions and associated transaction costs has been proposed. Gordon's theory of commons is a special case of this model. Specific features of the model are - characterisation of transaction function, and incorporation of some social, cultural and obviously economic factors such as homogeneity of user group, type and degree of dependence of user group on resource, and economic status of user group etc."

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