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

Emmanuel I.S. Ajuzie and Marilyn A. Altobello

Review of Agricultural Economics, 1997, vol. 19, issue 2, 242-251

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.

Date: 1997
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