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

Scott Steele ()

Environmental & Resource Economics, 2001, vol. 18, issue 3, 317-337

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

Keywords: economies of joint production; information; property regimes; risk sharing; transaction costs (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1023/A:1011109326298

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