Contracting for Property Rights (Political Economy of by Gary D. Libecap

By Gary D. Libecap

During this e-book the writer examines the issues encountered in negotiations between claimants and the political and monetary issues that impression estate rights preparations. The histories of mineral rights, rights to diversity and trees land, and fishery and crude oil construction rights within the usa are tested and exhibit a shocking number of contractual negotiations and financial results. the writer concludes that during addition to an research of distributional results, an exam of the main points of the political bargaining underlying estate rights contracts is vital to an knowing of why rights come to be they do. The ebook is a crucial contribution to either estate rights idea and to American monetary heritage.

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Additional info for Contracting for Property Rights (Political Economy of Institutions and Decisions)

Sample text

The costs of marking, monitoring, and enforcing property rights are greater if the resource is migratory or is generally unobservable. For example, the definition and enforcement of property rights is costly for migratory resources, such as subsurface ore veins. Violations of individual claims to these resources will be difficult to monitor and to police, because ownership boundaries often will be unclear and the amount of the resource held by each owner will be only approximately known. On the other hand, private rights to observable, stationary resources, such as surface ore deposits and grazing or timber land, can be assigned and enforced at relatively lower cost.

Their particular concerns must be addressed in order to reach agreement on the assignment of more precise, formal property rights to reduce common pool losses. In negotiations, prior possession or prior production offers one basis for an acceptable allocation of rights because of the possible availability of public information on past claims and production patterns. These criteria also are popular because they explicitly recognize those parties with significant interests in any adjustments in property rights arrangements.

Geological Survey. During the early existence of the mining camp, while prospectors were chiefly occupied in staking off claims, no serious controversy had arisen, though individual bickerings over location boundaries were of daily occurrence. One claim appeared as good as another to most of these inexperienced silver ledge hunters, and there was no strong incentive to wrangle over rock croppings whose value was problematical; but before the close of the year 1860 work upon the principal claims had reached a point where collision was inevitable, and then the geological character of the district and the distribution of the ore deposits became a problem of absorbing interest.

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