Common property as an egalitarian share contract

Research output: Contribution to journalArticlepeer-review

29 Scopus citations

Abstract

Common property is an endogenous institution and modeled as a joint wealth maximizing egalitarian share contract among an exclusive group of resource owners. The conditions are derived in which common property generates greater wealth than private property. A distinction is made between contracts in which group members share final output and contracts in which groups only share access to a commonly owned resource. In both cases homogeneity in production by members is shown to be efficient. Several case studies of common ownership are presented as support of the model.

Original languageEnglish (US)
Pages (from-to)93-108
Number of pages16
JournalJournal of Economic Behavior and Organization
Volume25
Issue number1
DOIs
StatePublished - Sep 1994

Keywords

  • Common property
  • Contracting
  • Natural resources

ASJC Scopus subject areas

  • Economics and Econometrics
  • Organizational Behavior and Human Resource Management

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