Libecap, Gary D. (2006) Assigning property rights in the common pool implications of the prevalence of first-possession rules. UNSPECIFIED.
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Rights-based institutions have been adopted for certain natural resources in order to more effectively mitigate the losses of the common pool. Past central government regulation has not proved satisfactory. A major issue has been the assignment of those rights. In this paper, I examine three different allocation rules first-possession, lottery or uniform allocation, and auction and draw predictions as to when they might be adopted. I analyze the assignment, timing, and nature of the rights granted in five resources oil and gas unit shares, water rights, radio spectrum rights, emission permits, and selected fishery ITQ's in six countries (Australia, Canada, Chile, Iceland, New Zealand, and the U.S). I find that rights-based arrangements generally are adopted late, but when they are implemented, first-possession rules dominate where there are incumbent users. Lotteries and auctions are rarely used. I discuss criticisms of first-possession rules and argue that first-possession is likely more efficient than previously recognized. Accordingly, restrictions on such allocations (rights set-asides for particular groups and exchange limitations) may be costly in the long run for maximizing the value of the resource. I also look at government regulation of use rights to water and the radio spectrum under the public interest and public trust doctrines. The record suggests that private, rather than public interest considerations dominate agency decisions. There may be similar regulatory effects in fisheries and other resources.
| Item Type: | Documents |
|---|---|
| Class Number: | 500.ASS004 |
| Keywords: | CPR, Pollution, Property Rights, Regulations, Fisheries Management, Open Access Regimes, ITQ, Australia, Canada, Chile, USA, Iceland, New Zealand |
| Subjects: | Right to Resources |
| Depositing User: | Chitti Babu ICSF |
| Date Deposited: | 17 Feb 2022 08:52 |
| Last Modified: | 17 Feb 2022 08:52 |
| URI: | http://icsfarchives.net/id/eprint/9685 |
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