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Private Storage of Common Property

  • Gaudet, Gerard
  • Moreaux, Michel
  • Salant, Stephen W.

This paper examines a characteristic of common property problems unmodeled in the published literature: extracted common reserves are often stored privately rather than sold immediately. We examine the positive and normative effects of such storage, Privatization of common reserves through storage may eliminate inefficiency altogether but the premature extraction involved may also exacerbate them-even if rapid extraction does not reduce ultimate recovery.

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File URL: http://www.sciencedirect.com/science/article/pii/S0095-0696(00)91184-7
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Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 43 (2002)
Issue (Month): 2 (March)
Pages: 280-302

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Handle: RePEc:eee:jeeman:v:43:y:2002:i:2:p:280-302
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622870

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  1. Libecap, Gary D & Wiggins, Steven N, 1984. "Contractual Responses to the Common Pool: Prorationing of Crude Oil Production," American Economic Review, American Economic Association, vol. 74(1), pages 87-98, March.
  2. Tornell, Aaron & Velasco, Andes, 1992. "The Tragedy of the Commons and Economic Growth: Why Does Capital Flow from Poor to Rich Countries?," Journal of Political Economy, University of Chicago Press, vol. 100(6), pages 1208-31, December.
  3. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39, pages 137.
  4. Nancy P. Marion & Robert P Flood, 1998. "Perspectiveson the Recent Currency Crisis Literature," IMF Working Papers 98/130, International Monetary Fund.
  5. Homans, Frances R. & Wilen, James E., 2000. "Market Rent Dissipation In Regulated Open Access Fisheries," 2000 Annual meeting, July 30-August 2, Tampa, FL 21878, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Sinn, Hans-Werner, 1984. "Common Property Resources, Storage Facilities and Ownership Structures: A Cournot Model of the Oil Market," Economica, London School of Economics and Political Science, vol. 51(23), pages 235-52, August.
  7. Angelsen, Arild, 1999. "Agricultural expansion and deforestation: modelling the impact of population, market forces and property rights," Journal of Development Economics, Elsevier, vol. 58(1), pages 185-218, February.
  8. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62, pages 124.
  9. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
  10. Richard J. Gilbert, 1979. "Optimal Depletion of an Uncertain Stock," Review of Economic Studies, Oxford University Press, vol. 46(1), pages 47-57.
  11. Salant, Stephen W & Henderson, Dale W, 1978. "Market Anticipations of Government Policies and the Price of Gold," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 627-48, August.
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