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Endogenous Property Rights Regimes, Common Pool Resources and Trade

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Type: Working Paper
Author: Galinato, Gregmar I.
Date: 2008
URI: https://hdl.handle.net/10535/6450
Sector: Social Organization
Subject(s): property rights
resource management
common pool resources
Abstract: "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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