Incomplete Markets, Excluded Goods and Natural Resource Management

Stephen Beare and Jonathan C. Newby

No 137785, 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia from Australian Agricultural and Resource Economics Society

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.

Keywords: Public Economics; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Pages: 9
Date: 2005
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare05:137785

DOI: 10.22004/ag.econ.137785

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