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Property Regimes as Information Regimes: Efficiency and Economies of Joint Production

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  • Scott Steele

Abstract

The paper argues that it is useful to view property regimes asinformation regimes. A conceptual model and numerical example are usedto show that, under some reasonable assumptions, a common propertyregime is preferable to a private property regime when property regimesare viewed as information regimes. The paper considers a case ofidiosyncratic risk in a dynamic grazing context where the marginality ofthe resource is such that insurance markets are thin or non-existent.Agents are thought to be risk averse and exogenous enforcement of a risksharing scheme is not feasible. The policy implication is that theestablishment and maintenance of a common property regime is shown to bea (possibly) reasonable institutional response in the face of difficultand particular circumstances when property regimes are viewed asinformation regimes. Copyright Kluwer Academic Publishers 2001

Suggested Citation

  • Scott Steele, 2001. "Property Regimes as Information Regimes: Efficiency and Economies of Joint Production," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(3), pages 317-337, March.
    • Handle: RePEc:kap:enreec:v:18:y:2001:i:3:p:317-337
    DOI: 10.1023/A:1011109326298
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    References listed on IDEAS

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    1. Thompson, Gary D. & Wilson, Paul N., 1994. "Common Property As An Institutional Response To Environmental Variability," 1994 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses Risk, Technical Committee Meeting, March 24-26, 1994, Gulf Shores State Park, Alabama 271558, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
    2. Gary D. Thompson & Paul N. Wilson, 1994. "Common Property As An Institutional Response To Environmental Variability," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 10-21, July.
    3. Bromley, D.W. & Cernea, M.M., 1989. "The Management Of Common Property Natural Resources - Some Conceptual And Operational Fallacies," World Bank - Discussion Papers 57, World Bank.
    4. Coate, Stephen & Ravallion, Martin, 1993. "Reciprocity without commitment : Characterization and performance of informal insurance arrangements," Journal of Development Economics, Elsevier, vol. 40(1), pages 1-24, February.
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