Economic Theory of Commons: Revisited

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Date
1992
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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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Keywords
common pool resources, institutions, property rights, forestry--models, transaction costs, IASC
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