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dc.contributor.authorSteele, Scott R.en
dc.identifier.citationSteele, 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.description.abstractA 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.publisherNational University of Ireland, Galwayen
dc.relation.ispartofseriesEconomics working papers;023en
dc.subjectEconomies of scopeen
dc.subjectProperty regimesen
dc.subjectTransaction costsen
dc.titleProduction, information and property regimes : efficiency implications in the case of economies of scopeen
dc.typeWorking Paperen

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