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PDF
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Type:
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Working Paper |
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Author:
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Galinato, Gregmar I. |
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Date:
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2008 |
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Agency:
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Series:
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URI:
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https://hdl.handle.net/10535/6450
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Sector:
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Social Organization |
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Region:
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Subject(s):
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property rights
resource management
common pool resources
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Abstract:
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"This paper analyzes the impact of trade on resource stocks through endogenously selected property rights regimes. We present a model that shows welfare can be maximized when a community degrades its resource stock under optimally selected property rights regimes after opening to trade. Results from a laboratory experiment show that labor allocations, property rights regimes and resource stock levels do not follow the optimal dynamic Nash equilibrium path. Instead a non-optimal dynamic equilibrium path is selected due to incorrect initial labor allocation and property rights regime choices."
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