Endogenous First-Possession Property Rights in Open-Access Resources

Author:Bryan Leonard & Gary D. Libecap
Position:Ph.D. Candidate/Professor, Economics Department and Bren School of Environmental Science and Management, University of California, Santa Barbara

This Essay examines the emergence of spontaneous claims to inframarginal rents in open-access resources. Although early models of openaccess in economics predicted full rent dissipation as homogeneous agents exploited the resource, later theory and empirical observations indicated persistence of inframarginal rents. The existence of inframarginal rents under open-access has been recognized in the ... (see full summary)

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