Read e-book online Contracting for Property Rights (Political Economy of PDF

By Gary D. Libecap

ISBN-10: 0521449049

ISBN-13: 9780521449045

During this e-book the writer examines the issues encountered in negotiations between claimants and the political and fiscal issues that impact estate rights preparations. The histories of mineral rights, rights to diversity and trees land, and fishery and crude oil creation rights within the usa are tested and display a shocking number of contractual negotiations and financial results. the writer concludes that during addition to an research of distributional results, an exam of the main points of the political bargaining underlying estate rights contracts is key to an figuring out of why rights become they do. The e-book is a crucial contribution to either estate rights conception and to American monetary heritage.

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Additional resources for Contracting for Property Rights (Political Economy of Institutions and Decisions)

Sample text

All things being equal, the greater the size of the anticipated aggregate benefits of institutional change (the greater the losses of the common pool), the more likely new property rights will be sought and adopted. 2,3. The larger the number and/or the greater the heterogeneity of the competing interest groups, the more likely distributional conflicts will block or delay institutional change. 4. Distributional conflicts will be intensified if there are known serious information asymmetries among the competing parties regarding the evaluation of individual claims.

Despite these information problems and related claim disputes, ownership was assigned to the vein 39 Contracting for Property Rights to encourage private investment in exploration and development. Had property rights been reserved to the surface land owner and defined in terms of exterior boundaries, such as tree stumps, stream beds, and hill sides, the main portion of the vein was likely to be missed, because the extent and flow of the vein were not observable from the surface. In these circumstances, a miner could engage in extensive and costly tunneling along the vein only to find that the most valuable portion of it lay outside the surface boundaries of the claim.

The number of competing interests Although large aggregate gains can promote institutional change, the number of bargaining parties involved can make it more difficult. The greater the number of competing interest groups with a stake in the new definition of property rights, the more claims that must be addressed by politicians in building a consensus on institutional change. Politicians, seeking to maximize their political support, must act as brokers and craft trade-offs among the demands of the most influential parties.

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Contracting for Property Rights (Political Economy of Institutions and Decisions) by Gary D. Libecap

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