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Property rights regimes and the management of resources

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  • Mehmet Bac

Abstract

The property rights regime is an important link between the yield of a natural resource and the appropriation and maintenance incentives of its users. This paper discusses the theoretical background for this link and provides insights as to the function of the property rights regime, drawing from recent developments in the economics literature on optimal ownership patterns and the theory of repeated games. The performances of different resource ownership patterns are evaluated using the criterion of economic efficiency. The economic theory of property rights is based on the idea that, because contractual arrangements are bound to be incomplete, there is scope for opportunistic behaviour and therefore the resulting resource management is likely to be inefficient. Optimal resource ownership patterns are viewed as solutions to the problem of structuring private users' incentives in accordance with the socially desirable management of resources.

Suggested Citation

  • Mehmet Bac, 1998. "Property rights regimes and the management of resources," Natural Resources Forum, Blackwell Publishing, vol. 22(4), pages 263-269, November.
    • Handle: RePEc:wly:natres:v:22:y:1998:i:4:p:263-269
    DOI: 10.1111/j.1477-8947.1998.tb00736.x
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    References listed on IDEAS

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    1. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
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    3. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
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    6. Bac, Mehmet, 1996. "Incomplete Information and Incentives to Free Ride on International Environmental Resources," Journal of Environmental Economics and Management, Elsevier, vol. 30(3), pages 301-315, May.
    7. Mehmet Bac, 1996. "Incomplete information and incentives to free ride," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(4), pages 419-432.
    8. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
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    Cited by:

    1. Caedmon Staddon, 2000. "Restitution of forest property in post‐communist Bulgaria," Natural Resources Forum, Blackwell Publishing, vol. 24(3), pages 237-246, August.

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