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Donning Coase‐coloured glasses: a property rights view of natural resource economics

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  • Anderson, Terry L.
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    Abstract

    Economic analysis of natural resource and environmental issues inappropriately places too much emphasis on Pigouvian externalities and too little on Coasean property rights and transaction costs. The crucial questions are who has what property rights and what are the transaction costs associated with these property rights. Asserting an externality implicitly assumes a set of property rights and hence a distribution of the social costs, but it is precisely a lack of property rights that allows decision makers to ignore social costs. By viewing natural resource and environmental problems through a Coasean lens, we better focus our attention on how property rights evolve, how they influence transaction costs, and how those transaction costs affect the potential for bargaining to minimise social costs.

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    File URL: http://purl.umn.edu/117972
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    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

    Volume (Year): 48 (2004)
    Issue (Month): 3 (September)
    Pages:

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    Handle: RePEc:ags:aareaj:117972

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    Keywords: Resource /Energy Economics and Policy;

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    Cited by:
    1. Beare, Stephen & Newby, Jonathan C., 2005. "Incomplete Markets, Excluded Goods and Natural Resource Management," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137785, Australian Agricultural and Resource Economics Society.
    2. Ofei-Mensah, Albert & Bennett, Jeff, 2013. "Transaction costs of alternative greenhouse gas policies in the Australian transport energy sector," Ecological Economics, Elsevier, vol. 88(C), pages 214-221.
    3. Windle, Jill & Rolfe, John & Whitten, Stuart M. & Alam, Khorshed & Street, Deborah, 2005. "Using Choice Modelling to establish the supply of riparian services and the potential for a water quality trading scheme in Central Queensland," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 139298, Australian Agricultural and Resource Economics Society.

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