Keyword: spillovers
Property Rights and Externality (7/7/2006)
Transferable and enforceable property rights encourage investment and high-valued uses.
Keywords: barbed wire, cattle ranching, commons, enforcement cost, external benefit, external cost, externality, ownership, Property rights, spillovers, transferability
Spillovers Are Not Always Externalities (6/22/2006)
External costs or benefits exist only if property rights have not been clearly defined and/or when the negotiation or enforcement cost exceeds damage.
Keywords: airport, compensation, externality, golf course, internalize, property rights, shopping malls, spillovers