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Unitization of spatially connected renewable resources

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  • Daniel T. Kaffine
  • Christopher J. Costello

Abstract

Spatial connectivity of renewable resources induces a spatial externality in extraction. We explore the consequences of decentralized spatial property rights in the presence of spatial externalities. We generalize the notion of unitization - developed to enhance cooperative extraction of oil and gas fields - and apply it to renewable resources which face a similar spatial commons problem. We find that unitizing a common pool renewable resource can yield first-best outcomes even when participation is voluntary, provided profit sharing rules can vary by participant.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16338.

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Date of creation: Sep 2010
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Publication status: published as Kaffine Daniel T & Costello Christopher, 2011. "Unitization of Spatially Connected Renewable Resources," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-31, March.
Handle: RePEc:nbr:nberwo:16338

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  1. Heintzelman, Martin D. & Salant, Stephen W. & Schott, Stephan, 2009. "Putting free-riding to work: A Partnership Solution to the common-property problem," Journal of Environmental Economics and Management, Elsevier, vol. 57(3), pages 309-320, May.
  2. van Damme, Eric, 1989. "Renegotiation-proof equilibria in repeated prisoners' dilemma," Journal of Economic Theory, Elsevier, Elsevier, vol. 47(1), pages 206-217, February.
  3. Libecap, Gary D & Wiggins, Steven N, 1984. "Contractual Responses to the Common Pool: Prorationing of Crude Oil Production," American Economic Review, American Economic Association, American Economic Association, vol. 74(1), pages 87-98, March.
  4. Libecap, Gary D & Wiggins, Steven N, 1985. "The Influence of Private Contractual Failure on Regulation: The Case of Oil Field Unitization," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(4), pages 690-714, August.
  5. Brown, Gardner & Roughgarden, Jonathan, 1997. "A metapopulation model with private property and a common pool," Ecological Economics, Elsevier, Elsevier, vol. 22(1), pages 65-71, July.
  6. Sanchirico, James & Wilen, James, 2000. "The Impacts of Marine Reserves on Limited-Entry Fisheries," Discussion Papers, Resources For the Future dp-00-34, Resources For the Future.
  7. Sanchirico, James N. & Wilen, James E., 2005. "Optimal spatial management of renewable resources: matching policy scope to ecosystem scale," Journal of Environmental Economics and Management, Elsevier, vol. 50(1), pages 23-46, July.
  8. Sanchirico, James N. & Wilen, James E., 1999. "Bioeconomics of Spatial Exploitation in a Patchy Environment," Journal of Environmental Economics and Management, Elsevier, vol. 37(2), pages 129-150, March.
  9. David Levhari & Leonard J. Mirman, 1980. "The Great Fish War: An Example Using a Dynamic Cournot-Nash Solution," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 11(1), pages 322-334, Spring.
  10. Sanchirico, James N. & Wilen, James E., 2001. "A Bioeconomic Model of Marine Reserve Creation," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 257-276, November.
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Cited by:
  1. Gary D. Libecap, 2013. "Addressing Global Environmental Externalities: Transaction Costs Considerations," NBER Working Papers 19501, National Bureau of Economic Research, Inc.
  2. Christopher Costello & Nicolas Quérou & Agnes Tomini, 2013. "Partial enclosure of the commons," Working Papers, LAMETA, Universtiy of Montpellier 13-07, LAMETA, Universtiy of Montpellier, revised Apr 2013.

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