IDEAS home Printed from https://ideas.repec.org/a/ags/aareaj/117972.html
   My bibliography  Save this article

Donning Coase‐coloured glasses: a property rights view of natural resource economics

Author

Listed:
  • Anderson, Terry L.

Abstract

Economic analysis of natural resource and environmental issues inappropriately places too much emphasis on Pigouvian externalities and too little on Coasean property rights and transaction costs. The crucial questions are who has what property rights and what are the transaction costs associated with these property rights. Asserting an externality implicitly assumes a set of property rights and hence a distribution of the social costs, but it is precisely a lack of property rights that allows decision makers to ignore social costs. By viewing natural resource and environmental problems through a Coasean lens, we better focus our attention on how property rights evolve, how they influence transaction costs, and how those transaction costs affect the potential for bargaining to minimise social costs.

Suggested Citation

  • Anderson, Terry L., 2004. "Donning Coase‐coloured glasses: a property rights view of natural resource economics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(3), pages 1-18.
    • Handle: RePEc:ags:aareaj:117972
    DOI: 10.22004/ag.econ.117972
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/117972/files/j.1467-8489.2004.00257.x.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.117972?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 357-376, October.
    2. Anderson, Terry L & Hill, Peter J, 1975. "The Evolution of Property Rights: A Study of the American West," Journal of Law and Economics, University of Chicago Press, vol. 18(1), pages 163-179, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yew-Kwang Ng, 2016. "Are Unrealistic Assumptions/Simplifications Acceptable? Some Methodological Issues in Economics," Pacific Economic Review, Wiley Blackwell, vol. 21(2), pages 180-201, May.
    2. Ofei-Mensah, Albert & Bennett, Jeff, 2013. "Transaction costs of alternative greenhouse gas policies in the Australian transport energy sector," Ecological Economics, Elsevier, vol. 88(C), pages 214-221.
    3. Terry L. Anderson, 2015. "If Hayek and Coase Were Environmentalists: Linking Economics and Ecology," Economics Working Papers 15102, Hoover Institution, Stanford University.
    4. Windle, Jill & Rolfe, John & Whitten, Stuart M. & Alam, Khorshed & Street, Deborah, 2005. "Using Choice Modelling to establish the supply of riparian services and the potential for a water quality trading scheme in Central Queensland," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 139298, Australian Agricultural and Resource Economics Society.
    5. Grolleau, Gilles & McCann, Laura M.J., 2012. "Designing watershed programs to pay farmers for water quality services: Case studies of Munich and New York City," Ecological Economics, Elsevier, vol. 76(C), pages 87-94.
    6. Cheol-Joo Cho, 2011. "An Analysis of the Housing Redevelopment Process in Korea through the Lens of the Transaction Cost Framework," Urban Studies, Urban Studies Journal Limited, vol. 48(7), pages 1477-1501, May.
    7. Beare, Stephen & Newby, Jonathan C., 2005. "Incomplete Markets, Excluded Goods and Natural Resource Management," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137785, Australian Agricultural and Resource Economics Society.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dan Bogart & Gary Richardson, 2011. "Property Rights and Parliament in Industrializing Britain," Journal of Law and Economics, University of Chicago Press, vol. 54(2), pages 241-274.
    2. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    3. Glenn Furton & Adam Martin, 2019. "Beyond market failure and government failure," Public Choice, Springer, vol. 178(1), pages 197-216, January.
    4. Douadia Bougherara & Gilles Grolleau & Naoufel Mzoughi, 2009. "The ‘make or buy’ decision in private environmental transactions," European Journal of Law and Economics, Springer, vol. 27(1), pages 79-99, February.
    5. Cerin, Pontus, 2006. "Bringing economic opportunity into line with environmental influence: A discussion on the Coase theorem and the Porter and van der Linde hypothesis," Ecological Economics, Elsevier, vol. 56(2), pages 209-225, February.
    6. Terry L. Anderson, 2004. "Donning Coase‐coloured glasses: a property rights view of natural resource economics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(3), pages 445-462, September.
    7. Anderson, Terry L., 1982. "The New Resource Economics: Old Ideas And New Applications," 1982 Annual Meeting, August 1-4, Logan, Utah 279161, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Benito Arruñada & Marco Fabbri & Michael Faure, 2022. "Land Titling and Litigation," Journal of Law and Economics, University of Chicago Press, vol. 65(1), pages 131-156.
    9. Meina Cai & Ilia Murtazashvili & Jennifer Murtazashvili & Raufhon Salahodjaev, 2020. "Individualism and governance of the commons," Public Choice, Springer, vol. 184(1), pages 175-195, July.
    10. David K. Leonard, 1993. "Structural Reform of the Veterinary Profession in Africa and the New Institutional Economics," Development and Change, International Institute of Social Studies, vol. 24(2), pages 227-267, April.
    11. Paula E. Stephan, 2004. "Robert K. Merton's perspective on priority and the provision of the public good knowledge," Scientometrics, Springer;Akadémiai Kiadó, vol. 60(1), pages 81-87, May.
    12. Leeson, Peter T. & Harris, Colin, 2018. "Wealth-destroying private property rights," World Development, Elsevier, vol. 107(C), pages 1-9.
    13. Élodie Bertrand, 2006. "La thèse d'efficience du « théorème de Coase ». Quelle critique de la microéconomie ?," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 983-1007.
    14. John Boyce & David Bruner, 2012. "Property rights out of anarchy? The Demsetz hypothesis in a game of conflict," Economics of Governance, Springer, vol. 13(2), pages 95-120, June.
    15. Mamedov, Arseny (Мамедов, Арсений) & Hudko, E. (Худько, Е.) & Belev, Sergei (Белев, Сергей) & Moguchev, Nikita Sergeevich (Могучев, Никита Сергеевич), 2016. "Comparative Analysis of the Effectiveness of Individual Instruments of State Investment Policy [Сравнительный Анализ Эффективности Применения Отдельных Инструментов Государственной Инвестиционной П," Working Papers 3052, Russian Presidential Academy of National Economy and Public Administration.
    16. Reynolds, Bruce J., 2000. "Cooperative Principles as Constraints for Public Goods Production," 2000 Annual Meeting, December 12-13 31808, NCERA-194 Research on Cooperatives.
    17. Siri Terjesen, 2007. "Note to Instructors: Building a Better Rat Trap," Entrepreneurship Theory and Practice, , vol. 31(6), pages 965-969, November.
    18. Walter Block, 2010. "Rejoinder To Boettke On Coasean Economics And Communism," Romanian Economic Business Review, Romanian-American University, vol. 5(3), pages 9-30, September.
    19. Walter Block & William Barnett, 2009. "Coase and Bertrand on lighthouses," Public Choice, Springer, vol. 140(1), pages 1-13, July.
    20. Marc Flandreau, 2013. "Sovereign states, bondholders committees, and the London Stock Exchange in the nineteenth century (1827–68): new facts and old fictions," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(4), pages 668-696, WINTER.

    More about this item

    Keywords

    Resource /Energy Economics and Policy;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aareaj:117972. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaresea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.