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Common-pool resource management: a new institutional economics perspective

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  • Alexandra Mirchevska

Abstract

The current paper introduces the theoretical approach of Common-pool resource management (CPRM). The paper summarizes the two dominant theoretical paradigms of CPRM theory – the traditional game-theoretic model, on one hand, and the new institutionalist approach mostly associated with the work of Elinor Ostrom, on the other. Through a theoretical comparison between the centralized and decentralized approaches to CPRM a focus on the main property rights distribution dilemma is provided. The paper provides a description of the role of internalization of externalities in achieving an efficient CPR management regime. The presented framework is transferred to the context of international common-pool resource management.

Suggested Citation

  • Alexandra Mirchevska, 2018. "Common-pool resource management: a new institutional economics perspective," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 124-143.
    • Handle: RePEc:bas:econth:y:2018:i:4:p:124-143
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    More about this item

    JEL classification:

    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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