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Incomplete Ownership, Rent Dissipation, and the Return to Related Investments

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  • Deacon, Robert T

Abstract

The welfare loss from free access resource use is examined in a general equilibrium model. Actions that intensify competition for the resource, either by lowering the private cost or raising the private benefit of using it, can raise this loss above the rent the resource would earn if owned. Such excess dissipation is illustrated with examples applicable to unowned groundwater. Regulatory policies that fix inputs needed to acquire the resource work by transferring part of the resource's rent to controlled inputs. The resulting welfare effect depends on the elasticity of substitution between, and relative prices of, controlled and uncontrolled inputs. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Deacon, Robert T, 1994. "Incomplete Ownership, Rent Dissipation, and the Return to Related Investments," Economic Inquiry, Western Economic Association International, vol. 32(4), pages 655-683, October.
    • Handle: RePEc:oup:ecinqu:v:32:y:1994:i:4:p:655-83
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    Cited by:

    1. Maria Arbatskaya & Kaushik Mukhopadhaya & Eric Rasmusen, 2001. "The Parking Lot Problem," CIRJE F-Series CIRJE-F-119, CIRJE, Faculty of Economics, University of Tokyo.
      • Maria Arbatskaya & Kaushik Mukhopadhaya & Eric Rasmusen, 2007. "The Parking Lot Problem," Working Papers 2007-04, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    2. Henry Thompson, 2013. "Resource Rights and Markets in a General Equilibrium Model of Production," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(1), pages 131-139, September.
    3. Deacon, Robert T. & Finnoff, David & Tschirhart, John, 2011. "Restricted capacity and rent dissipation in a regulated open access fishery," Resource and Energy Economics, Elsevier, vol. 33(2), pages 366-380, May.

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