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Property Rights and Pollution: Their Implications for Long Island Sound and the Oyster Industry

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  • Emmanuel I.S. Ajuzie
  • Marilyn A. Altobello

Abstract

In neoclassical economics thinking, property rights are an important tool in managing natural and environmental resources where there is great potential for market failure. Assignment of these rights leads to efficient resource allocation, enhances productivity, and promotes environmental quality. In Long Island Sound, the Connecticut state authority in charge of aquaculture has introduced property rights to allocate oyster producing areas. This is achieved through lease-hold arrangements and has led to better management, increased productivity and profitability, production of good quality oysters, and an unanticipated (indirect) pollution reduction. We make suggestions for a direct-property-rights regulatory approach for economically efficient pollution reduction in the Sound.

Suggested Citation

  • Emmanuel I.S. Ajuzie & Marilyn A. Altobello, 1997. "Property Rights and Pollution: Their Implications for Long Island Sound and the Oyster Industry," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(2), pages 242-251.
    • Handle: RePEc:oup:revage:v:19:y:1997:i:2:p:242-251.
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    File URL: http://hdl.handle.net/10.2307/1349739
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    Cited by:

    1. Jiang, Liangliang & Lin, Chen & Lin, Ping, 2014. "The determinants of pollution levels: Firm-level evidence from Chinese manufacturing," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 118-142.
    2. Houndekon, Victorin A. & De Groote, Hugo, 1998. "Health Costs And Externalities Of Pesticide Use In Locust And Grasshopper Control In The Sahel," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20966, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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