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The Paper River Revisited: A Common Property Externality Exercise

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  • Thomas P. Andrews

Abstract

The author describes a modified version of the Paper River exercise that appeared in this journal in the Spring 1999 issue. The original game was designed to illustrate the application of the Coase theorem for solving an externality problem. In the Paper River, pairs of students share a single productive resource: small pieces of paper. At question is who has the rights to the paper. The author presents a modified version of the game that retains many of the same elements from the original, but the students work in groups rather than in pairs. Doing so increases the transaction costs associated with negotiating a solution. In addition, the productive resource is common property, so property rights are difficult to establish. These difficulties make a Coasian solution more difficult but make the simulation more realistic.

Suggested Citation

  • Thomas P. Andrews, 2002. "The Paper River Revisited: A Common Property Externality Exercise," The Journal of Economic Education, Taylor & Francis Journals, vol. 33(4), pages 327-332, December.
    • Handle: RePEc:taf:jeduce:v:33:y:2002:i:4:p:327-332
    DOI: 10.1080/00220480209595330
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    Cited by:

    1. Tatyana Deryugina & Frances C. Moore & Richard S.J. Tol, 2020. "Applications of the Coase Theorem," Working Paper Series 0820, Department of Economics, University of Sussex Business School.
    2. Joshua M. Duke & David M. Sassoon, 2017. "A classroom game on a negative externality correcting tax: Revenue return, regressivity, and the double dividend," The Journal of Economic Education, Taylor & Francis Journals, vol. 48(2), pages 65-73, April.
    3. Depro, Brooks, 2022. "Making introductory economics more relevant: Using personalized connections to introduce environmental economics," International Review of Economics Education, Elsevier, vol. 39(C).

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