کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959011 929111 2012 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Ownership risk and the use of common-pool natural resources
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Ownership risk and the use of common-pool natural resources
چکیده انگلیسی

It has long been recognized that the quality of property rights greatly impacts the economic development of a country and the use of its natural resources. Since Long [13], the conventional wisdom has been that ownership risk induces a firm to overuse the stock of a resource. However, the empirical evidence is mixed. In particular, Bohn and Deacon [1] find that weak property rights have an ambiguous effect on present extraction. We provide a theoretical model supporting these mixed observations in a common-pool resource environment. We show that if ownership risk includes a risk of expropriation in which the identities of the excluded firms are unknown ex ante, then the present extraction of all firms may decrease along with a higher risk of expropriation. The elasticity of demand for the resource is key in explaining the effect of ownership risk on present extraction.


► We model two firms exploiting a common-pool resource under ownership risk.
► Ownership risk includes a risk of expropriation in which the identities of the excluded firms are unknown ex ante.
► We examine changes in the likelihood of ownership risk on extraction.
► Present extraction of all firms may decrease along with a higher risk of expropriation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Environmental Economics and Management - Volume 63, Issue 2, March 2012, Pages 242–259
نویسندگان
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