Property Regimes as Information Regimes: Efficiency and Economies of Joint Production

摘要

The paper argues that it is useful to view property regimes as information regimes. A conceptual model and numerical example are used to show that, under some reasonable assumptions, a common property regime is preferable to a private property regime when property regimes are viewed as information regimes. 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.