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Private Storage of Common Property

Gérard Gaudet (), Michel Moreaux and Stephen Salant ()

Working Papers from Michigan - Center for Research on Economic & Social Theory

Abstract: This paper examines a characteristic of common property problems unmodeled in the published literature: extracted common reserves are often stored privately rather than sold immediately. We examine the positive and normative effects of such storage, Privatization of common reserves through storage may eliminate inefficiency altogether but the premature extraction involved may also exacerbate them-even if rapid extraction does not reduce ultimate recovery.

Keywords: COLLECTIVE OWNERSHIP; STORAGE; NATURAL RESOURCES (search for similar items in EconPapers)
JEL-codes: Q30 Q32 (search for similar items in EconPapers)
Pages: 33 pages
Date: 1997
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