The value of secure property rights
Subtitle: evidence from global fisheries
By: Corbett A. Grainger, Christopher Costello
Contributors: Costello,, Christopher; National Bureau of Economic Research
Series: NBER working paper series -- working paper 17019; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17019.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "Property rights are commonly touted as a solution to common pool resource problems.  But in practice the security of these property rights varies substantially owing to differences in design.  In fisheries, the design of individual transferable quotas (ITQs) varies widely; the consequences of these design differences on economic outcomes has not been studied.  To test whether the security of these property rights affects asset values, we compile a unique dataset to examine the relationship between the exclusivity of property rights and the dividend price ratios for ITQs.  We find evidence that stronger property rights lead to higher asset values and lower dividend price ratios in ITQ fisheries.  This pecuniary effect of property rights security informs the current policy debate on the design of property rights institutions for managing natural resources"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 7/21/2011.

Includes bibliographical references.

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