Common-pool resource management: a new institutional economics perspective

Alexandra Mirchevska

Economic Thought journal, 2018, issue 4, 124-143

Abstract: The current paper introduces the theoretical approach of Common-pool resource management (CPRM). The paper summarizes the two dominant theoretical paradigms of CPRM theory – the traditional game-theoretic model, on one hand, and the new institutionalist approach mostly associated with the work of Elinor Ostrom, on the other. Through a theoretical comparison between the centralized and decentralized approaches to CPRM a focus on the main property rights distribution dilemma is provided. The paper provides a description of the role of internalization of externalities in achieving an efficient CPR management regime. The presented framework is transferred to the context of international common-pool resource management.

JEL-codes: P26 P48 (search for similar items in EconPapers)
Date: 2018
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