A note on some determinants of property rights in U.S. marine fisheries

A simple probit model of property rights adoption is estimated for U.S. fisheries managed under the Magnuson Act. The results of the model are consistent with the literature on property rights and transaction costs: Namely, the adoption of private property rights to marine fisheries is shown to hinge on the value of variables which determine, on the one hand, the costs of monitoring and enforcing rights, and on the other hand, the benefits of more clearly defining such rights.