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Possession

In: The Economics of Rights, Co-operation and Welfare

Author

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  • Robert Sugden

    (University of East Anglia)

Abstract

When oil and gas reserves were discovered under the North Sea the problem arose of who had the right to exploit them. The potential claimants were nation states.1 Given the power of most nation states to inflict harm on most others, it was important to find some way of dividing up the reserves that would be generally acceptable. In effect, nations were involved in a variant of the division game, but with many players instead of just two.

Suggested Citation

  • Robert Sugden, 2005. "Possession," Palgrave Macmillan Books, in: The Economics of Rights, Co-operation and Welfare, chapter 5, pages 91-107, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-53679-1_5
    DOI: 10.1057/9780230536791_5
    as

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