AREC365 Lecture Notes - Lecture 7: Externality
21 Sep 2016
School
Department
Course
Professor
Document Summary
Bison, open access resource in their eyes. What does resource allocation really mean and what does it include? (should be able to answer this) Nice garden in front of someone"s house, spillover bene ts as you walk by. Both ownership and use rights are vested in the owner. State owns land, but use rights are private. People lower in the valley take their cows up to the meadows and then successfully have managed the grazing up there for centuries. Have created a set of regulations to manage the resource. Means -> you can only put ten geese on the common. Don"t necessarily have equal use (one might have ten geese, another fteen) The co-owners do restrict access of this resource to outsiders. Hunting (& gathering) resources of primitive tribes (or indigenous groups) Europe has a much bigger tradition of common property. Many resources in 1,2, and 3 can have inde nite property rights.
