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Incomplete Markets, Excluded Goods and Natural Resource Management

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  • Beare, Stephen
  • Newby, Jonathan C.

Abstract

Problems in natural resource management arise when markets do not work effectively to resolve the inefficiencies associated with the way resource access rights are currently specified. In most cases, this can be linked to incomplete markets. In order to assess potential management options it is important to consider the characteristics of the good or goods that are in essence, missing from the market. This paper explores a taxonomy of goods and services, based around exclusivity and rivalry, to assist in determining when intervention in the form of regulation, property right solutions or market interventions are suited to deliver an optimal or improved social outcome.

Suggested Citation

  • 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.
    • Handle: RePEc:ags:aare05:137785
    DOI: 10.22004/ag.econ.137785
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    References listed on IDEAS

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    1. Bromley, Daniel W., 1991. "Testing for common versus private property: Comment," Journal of Environmental Economics and Management, Elsevier, vol. 21(1), pages 92-96, July.
    2. 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.
    3. John Quiggin, 1988. "Private and Common Property Rights in the Economics of the Environment," Journal of Economic Issues, Taylor & Francis Journals, vol. 22(4), pages 1071-1087, December.
    4. 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.
    5. Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(2), pages 229-264.
    6. Richard O. Zerbe & Howard E. McCurdy, 1999. "The failure of market failure," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 18(4), pages 558-578.
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    Cited by:

    1. Heaney, Anna & Dwyer, Gavan & Beare, Stephen & Peterson, Deborah C. & Pechey, Lili, 2005. "Third-party effects of water trading and potential policy responses," Conference Workshop Proceedings 31907, Productivity Commission.
    2. Heaney, Anna & Dwyer, Gavan & Beare, Stephen & Peterson, Deborah C. & Pechey, Lili, 2006. "Third-party effects of water trading and potential policy responses," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(3), pages 1-17, September.
    3. John Freebairn, 2005. "Issues in the Design of Water Markets," Melbourne Institute Working Paper Series wp2005n18, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    4. Anna Heaney & Gavan Dwyer & Stephen Beare & Deborah Peterson & Lili Pechey, 2006. "Third-party effects of water trading and potential policy responses ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(3), pages 277-293, September.

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