Increasingly Contested Property Rights and Trading in Environmental Amenities
AbstractEvolving environmental laws have expanded the number of agents with legitimate environmental property rights. Injunctive remedies to increasingly contested exchanges affect the value of the right itself, and therefore the behavior of potentialt raders. Recent amendments to New Mexico Water Law provide an excellent opportunity to explore these effects. We explore the behavior of traders given a decrease in the probability of successfully completing a transaction. Our experiments show traders have a propensity to over-respond to the threat of injunctive remedies, and consequently reduce their volume of trades below the privately optimal volume of trades.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 76 (2000)
Issue (Month): 3 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
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- Garrick, Dustin & Whitten, Stuart M. & Coggan, Anthea, 2013. "Understanding the evolution and performance of water markets and allocation policy: A transaction costs analysis framework," Ecological Economics, Elsevier, vol. 88(C), pages 195-205.
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