@article{Libecap:161910,
      recid = {161910},
      author = {Libecap, Gary D.},
      title = {The tragedy of the commons: property rights and markets as  solutions to resource and environmental problems},
      journal = {Australian Journal of Agricultural and Resource Economics},
      address = {2009},
      number = {428-2016-27952},
      pages = {16},
      year = {2009},
      abstract = {In one way or another, all environmental and natural  resource problems associated
with overexploitation or under  provision of public goods, arise from incompletely
defined  and enforced property rights. As a result private decision  makers do not
consider or internalize social benefits and  costs in their production or investment
actions. The gap  between private and social net returns results in  externalities –
harmful effects on third parties:  overfishing, excessive air pollution,  unwarranted
extraction or diversion of ground or surface  water, extreme depletion of oil and gas
reservoirs. These  situations are all examples of the ‘The Tragedy of the  Commons’.
In this paper, I consider options for mitigating  the losses of open access: common or
group property  regimes, government tax and regulation policy, more formal  private
property rights. I briefly summarize the problems  and advantages of each option and
describe why there has  been move toward rights-based instruments in recent  years:
ITQ (individual transferable quotas), tradable  emission permits, and private water
rights. Introductions  to the papers in the special issue follow.},
      url = {http://ageconsearch.umn.edu/record/161910},
      doi = {https://doi.org/10.22004/ag.econ.161910},
}