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Production, information and property regimes : efficiency implications in the case of economies of scope

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dc.contributor.author Steele, Scott R. en
dc.date.accessioned 2010-11-10T11:34:27Z en
dc.date.available 2010-11-10T11:34:27Z en
dc.date.issued 1998-04 en
dc.identifier.citation Steele, S. (1998). "Production, information and property regimes : efficiency implications in the case of economies of scope" (Working Paper No. 023) Department of Economics, National University of Ireland, Galway. en
dc.identifier.uri http://hdl.handle.net/10379/1375 en
dc.description.abstract A conceptual model and numerical example are used to show that private property regimes are not necessarily preferable to common property regimes on efficiency grounds when: (1) agents are risk averse; (2) exogenous enforcement of risk sharing schemes is not feasible; and (3) the associated common property regime is characterized by economies of scope in the production of information. The paper considers a case of idiosyncratic risk in a dynamic grazing context where the marginality of the resource is such that insurance markets are thin or non-existent. The policy implication is that the establishment and maintenance of a common property regime is shown to be a (possibly) reasonable institutional response in the face of difficult and particular circumstances. en
dc.format application/pdf en
dc.language.iso en en
dc.publisher National University of Ireland, Galway en
dc.relation.ispartofseries Economics working papers;023 en
dc.subject Economics en
dc.subject Economies of scope en
dc.subject Property regimes en
dc.subject Transaction costs en
dc.subject Information en
dc.subject Grazing en
dc.title Production, information and property regimes : efficiency implications in the case of economies of scope en
dc.type Working Paper en
dc.description.peer-reviewed peer-reviewed en

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