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The Economic Rationale of Communal Resources

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dc.contributor.author Eggertsson, Thráinn en_US
dc.date.accessioned 2009-07-31T15:11:30Z
dc.date.available 2009-07-31T15:11:30Z
dc.date.issued 1993 en_US
dc.date.submitted 2009-06-12 en_US
dc.date.submitted 2009-06-12 en_US
dc.identifier.uri https://hdl.handle.net/10535/3999
dc.description.abstract "We are concerned in this paper with the logic of economic organization when several independent producers jointly draw inputs from a natural resource which they share and to which they hold exclusive rights. We use the term communal property to refer to this arrangement and distinguish it from situations where exclusive rights to a resource do not exist and access to the asset is open. "The structure of organization is a chief concern of the economics of institutions which attributes forms of organization not only to economies of scale but to problems of information and costly enforcement of contracts. In explaining the emergence of property rights and alternative forms of organization, most economists have followed an approach that has been called the naive model. The naive model explains the structure of institutions and organizations in terms of the demand for these arrangements by rational individuals, who are constrained by information and other transaction costs and seek arrangements that maximize the joint value of their assets. The approach is naive because it does not seek to explain the supply of property rights, which is the domain of social and political organizations. Our initial discussion is based on versions of the naive model, but we go on to consider the role of social and political organizations in shaping property rights." en_US
dc.subject common pool resources--theory en_US
dc.subject economic theory en_US
dc.subject property rights en_US
dc.subject Workshop en_US
dc.title The Economic Rationale of Communal Resources en_US
dc.type Working Paper en_US
dc.subject.sector Social Organization en_US
dc.subject.sector Theory en_US

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