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Private Property and Economic Efficiency: A Study of a Common-Pool Resource

Author

Listed:
  • Grafton, R.Q.
  • Squires, D.
  • Fox, K.J.

Abstract

The British Columbia halibut fishery provides a natural experiment of the effects of "privatizing the commons". Using firm-level data from the fishery two years before private harvesting rights were introduced, the year they were implemented and three years afterwards, a stochastic frontier is estimated to test for changes in technical, allocative and economic efficiency. Despite some improvements in short-run measures of cost efficiency, overall the fishing fleet still remains well below the best practice frontier.

Suggested Citation

  • Grafton, R.Q. & Squires, D. & Fox, K.J., 1998. "Private Property and Economic Efficiency: A Study of a Common-Pool Resource," Working Papers 9804e, University of Ottawa, Department of Economics.
    • Handle: RePEc:ott:wpaper:9804e
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    Keywords

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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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