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Private Property and Economic Efficiency: A Study of a Common-Pool Resource

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Author Info
Grafton, R Quentin
Squires, Dale
Fox, Kevin J

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Abstract

The British Columbia halibut fishery provides a natural experiment of the effects of "privatizing the commons." Using firm-level data from the fishery 2 years before private harvesting rights were introduced, the year they were implemented, and 3 years afterward, a stochastic frontier is estimated to test for changes in technical, allocative, and economic efficiency. The study indicates that (1) the short-run efficiency gains from privatization may take several years to materialize and can be compromised by restrictions on transferability, duration, and divisibility of the property right; (2) substantial long-run gains in efficiency can be jeopardized by preexisting regulations and the bundling of the property right to the capital stock; and (3) the gains from privatization are not just in terms of cost efficiency but include important benefits in revenue and product form. Copyright 2000 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 43 (2000)
Issue (Month): 2 (October)
Pages: 679-713
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Handle: RePEc:ucp:jlawec:v:43:y:2000:i:2:p:679-713

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  1. Kerr, Suzi & Sanchirico, James & Newell, Richard, 2002. "Fishing Quota Markets," Discussion Papers dp-02-20, Resources For the Future. [Downloadable!]
    Other versions:
  2. Tom Kompas & Tuong Nhu Che & R. Quentin Grafton, 2003. "Technical Efficiency Effects of Input Controls: Evidence from Australia's Banana Prawn Fishery," Economics and Environment Network Working Papers 0304, Australian National University, Economics and Environment Network. [Downloadable!]
    Other versions:
  3. R. Quentin Grafton & Ragnar Arnason & Trond Bjorndal & David Campbell & Harry F. Campbell & Colin W. Clark & Robin Connor & Diane P. Dupont & Rognvaldur Hannesson & Ray Hilborn & James E. Kirkley & To, 2005. "Incentive-based approaches to sustainable fisheries (now replaced by EEN0508)," Economics and Environment Network Working Papers 0501, Australian National University, Economics and Environment Network. [Downloadable!]
  4. Sadrieh, A. & Fischer, M.E. & Irlenbusch, B., 2003. "An intergenerational common pool resource experiment," Discussion Paper 57, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  5. Niels Vestergaard & Dale Squires & Frank Jensen & Jesper L. Andersen, 2002. "Technical Efficiency of the Danish Trawl fleet: Are the Industrial Vessels Better than Others?," Working Papers 32/02, University of Southern Denmark, Department of Environmental and Business Economics. [Downloadable!]
  6. R. Quentin Grafton & Harry W. Nelson & Bruce Turris, 2005. "How to Resolve the Class II Common Property Problem? The Case of British Columbia's Multi-Species Groundfish Traw," Economics and Environment Network Working Papers 0506, Australian National University, Economics and Environment Network. [Downloadable!]
  7. Weninger, Quinn, 2004. "Economic Benefits of Management Reform in the Gulf of Mexico Grouper Fishery: A Semi-parametric Analysis," Staff General Research Papers 11178, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  8. R. Quentin Grafton & Rognvaldur Hannesson & Bruce Shallard & Daryl Sykes & Joe Terry, 2006. "The Economics of Allocation in Tuna Regional Fisheries Management Organizations (RFMOS)," Economics and Environment Network Working Papers 0612, Australian National University, Economics and Environment Network. [Downloadable!]
  9. Tom Kompas & Tuong Nhu Che, 2003. "Efficiency Gains and Cost Reductions from Individual Transferable Quotas: A Stochastic Cost Frontier for," International and Development Economics Working Papers idec03-6, International and Development Economics. [Downloadable!]
  10. Suzi Kerr & Richard G. Newell & James N. Sanchirico, 2003. "Evaluating the New Zealand Individual Transferable Quota Market for Fisheries Management," Working Papers 03_02, Motu Economic and Public Policy Research. [Downloadable!]
    Other versions:
  11. Gary Libecap, 2007. "Regulation and Deregulation: Property Rights Allocation Issues in De Regulation of Common Pool Resources," ICER Working Papers 28-2007, ICER - International Centre for Economic Research. [Downloadable!]
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