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On Optimal Enclosure and Optimal Timing of Enclosure.

This paper demonstrates that the enforcement of property rights by enclosing properties under common access is, in general, socially suboptimal: the timing of enclosure may be inappropriate, causing inefficiency. It is argued that the first fundamental theorem of welfare economics applies for a given collection of production sets, while enclosure implies a choice over collections of production sets. Copyright 1994 by The Economic Society of Australia.
Year of publication:
1994
Authors: Long, Ngo Van
Published in:
The Economic Record. - Economic Society of Australia - ESA, ISSN 1475-4932. - Vol. 70.1994, 211, p. 368-72
Publisher: Economic Society of Australia - ESA
Type of publication: Article
Source:
Persistent link: https://www.econbiz.de/10005267180
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