Coasean Economics and the Evolution of Marine Property in Hawaii

Brooks Kaiser and James Roumasset

No 200407, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property institutions fails to recognize the intermediate institution of common property, finesses dynamic optimization, and provides an incomplete account of governance. We provide a comparative statics framework for alternative modes of resource management, albeit one that allows for dynamic optimization, and show that open access can be efficient under conditions of low population pressure. We show that the intensification of production with population pressure in Hawaii co-evolved with specialization and increased governance, in accordance with the efficiency theory. Instead of market-based specialization, however, economic organization in pre-contact Hawaii was hierarchically determined via top-down management of the ahupua´a.

Keywords: Demsetz; property rights; Hawaiian history; specialization; decentralization (search for similar items in EconPapers)
JEL-codes: C53 D12 F14 J14 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2004
New Economics Papers: this item is included in nep-env and nep-res
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http://www.economics.hawaii.edu/research/workingpapers/WP_04-7.pdf First version, 2004 (application/pdf)

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Working Paper: Coasean economics and the evolution of marine property in Hawaii (2004)
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