Capitalizing property rights insecurity in natural resource assets |
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Authors: | Corbett A Grainger Christopher J Costello |
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Institution: | 1. Department of Agricultural & Applied Economics, University of Wisconsin, Madison, 427 Lorch St, Madison, WI 53706, United States;2. Bren School of Environmental Science and Management, UCSB, United States;3. NBER, United States;4. UMR1135 LAMETA, Montpellier, France |
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Abstract: | Property rights are commonly touted as a solution to common pool resource problems. In practice, however, the security of property rights over natural resources varies substantially; this may affect returns to ownership and asset values. We use an analytical model to examine the effects of insecure property rights to natural resources on the market value of assets. We then use a unique dataset of fisheries from three countries to examine empirically how differences in property rights affect market outcomes. We find significant asset market capitalization of insecurity arising from (1) ownership disputes, (2) illegal extraction from resource stocks, and (3) the possibility of government revocation of rights. |
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Keywords: | Fisheries Natural resources Property rights Institutions Individual transferable quota Capitalization |
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