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Property rights with biological spillovers: when Hardin meets Meade

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Author Info

  • BALESTRA, Carlotta

    ()
    (Université catholique de Louvain , CORE and Chair Lhoist Berghmans in Environmental Economics and Management, B-1348 Louvain-la-Neuve, Belgium)

  • BRECHET, Thierry

    ()
    (Université catholique de Louvain , CORE and Chair Lhoist Berghmans in Environmental Economics and Management, B-1348 Louvain-la-Neuve, Belgium)

  • LAMBRECHT, Stéphane

    ()
    (Universités de Lille, Faculté des Sciences Economiques et Sociales, Université Lille 1 Sciences et Technologies, Laboratoire EQUIPPE, France and Université catholique de Louvain, CORE, B-1348 Louvain-la-Neuve, Belgium)

Abstract

In an overlapping generations setup we address the issue of the optimal number of property rights to allocate over a natural resource when the goal is to maximize the stock of the natural resource at the steady state. We assume that the effect of the property rights regime on the evolution of the resource is twofold: through biological spillovers and through monitoring costs. Property rights are assigned to local communities, which can decide whether to cooperate or not. The outcome in the strategic setting is hence compared to the one in the cooperative setup. A fiscal policy able to decentralize the cooperative outcome is studied.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2010071.

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Date of creation: 01 Nov 2010
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Handle: RePEc:cor:louvco:2010071

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Related research

Keywords: overlapping generations; resource management; common pool resource; spatial interdependence; strategic behaviour; cooperative behaviour;

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  1. Pagiola, Stefano, 2008. "Payments for environmental services in Costa Rica," Ecological Economics, Elsevier, vol. 65(4), pages 712-724, May.
  2. Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January.
  3. Leonard J. Mirman & Manjira Datta, 1996. "Dynamic Externalities and Policy Coordination," CRIEFF Discussion Papers 9608, Centre for Research into Industry, Enterprise, Finance and the Firm.
  4. Swallow Stephen K. & Wear David N., 1993. "Spatial Interactions in Multiple-Use Forestry and Substitution and Wealth Effects for the Single Stand," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 103-120, September.
  5. Baland, Jean-Marie & Platteau, Jean-Philippe, 2000. "Halting Degradation of Natural Resources: Is There a Role for Rural Communities?," OUP Catalogue, Oxford University Press, number 9780198290612.
  6. BRECHET, Thierry & LAMBRECHT, Stéphane, 2006. "Intertemporal equilibrium with a resource bequest motive," CORE Discussion Papers 2006022, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Mirman, Leonard J. & To, Ted, 2005. "Strategic resource extraction, capital accumulation and overlapping generations," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 378-386, September.
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