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Property Regimes as Information Regimes: Efficiency and Economies of Joint Production

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  • Scott Steele

Abstract

The paper argues that it is useful to view property regimes asinformation regimes. A conceptual model and numerical example are usedto show that, under some reasonable assumptions, a common propertyregime is preferable to a private property regime when property regimesare viewed as information regimes. The paper considers a case ofidiosyncratic risk in a dynamic grazing context where the marginality ofthe resource is such that insurance markets are thin or non-existent.Agents are thought to be risk averse and exogenous enforcement of a risksharing scheme is not feasible. The policy implication is that theestablishment and maintenance of a common property regime is shown to bea (possibly) reasonable institutional response in the face of difficultand particular circumstances when property regimes are viewed asinformation regimes. Copyright Kluwer Academic Publishers 2001

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  • Scott Steele, 2001. "Property Regimes as Information Regimes: Efficiency and Economies of Joint Production," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(3), pages 317-337, March.
    • Handle: RePEc:kap:enreec:v:18:y:2001:i:3:p:317-337
    DOI: 10.1023/A:1011109326298
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    References listed on IDEAS

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    1. Coate, Stephen & Ravallion, Martin, 1993. "Reciprocity without commitment : Characterization and performance of informal insurance arrangements," Journal of Development Economics, Elsevier, vol. 40(1), pages 1-24, February.
    2. Gary D. Thompson & Paul N. Wilson, 1994. "Common Property As An Institutional Response To Environmental Variability," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 10-21, July.
    3. Bromley, D.W. & Cernea, M.M., 1989. "The Management Of Common Property Natural Resources - Some Conceptual And Operational Fallacies," World Bank - Discussion Papers 57, World Bank.
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