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Unitization of spatially connected renewable resources / Daniel T. Kaffine, Christopher J. Costello.
- Format:
- Book
- Author/Creator:
- Kaffine, Daniel T.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16338.
- NBER working paper series no. w16338
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2010.
- Summary:
- Spatial connectivity of renewable resources induces a spatial externality in extraction. We explore the consequences of decentralized spatial property rights in the presence of spatial externalities. We generalize the notion of unitization - developed to enhance cooperative extraction of oil and gas fields - and apply it to renewable resources which face a similar spatial commons problem. We find that unitizing a common pool renewable resource can yield first-best outcomes even when participation is voluntary, provided profit sharing rules can vary by participant.
- Notes:
- Print version record
- September 2010.
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