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Abstract
Problems in natural resource management arise when markets do not work effectively
to resolve the inefficiencies associated with the way resource access rights are currently
specified. In most cases, this can be linked to incomplete markets. In order to assess
potential management options it is important to consider the characteristics of the good
or goods that are in essence, missing from the market. This paper explores a taxonomy
of goods and services, based around exclusivity and rivalry, to assist in determining
when intervention in the form of regulation, property right solutions or market
interventions are suited to deliver an optimal or improved social outcome.