"The common-property literature has often focused on the question of efficiency. Here we consider distributional issues instead. How should the benefits of the commons (say, a fishery) be distributed? We approach the question from the viewpoint of ownership rather than income redistribution. "A...

"Governing the Commons offers important insights to a variety of issues,in particular to the design of stable and robust institutions, the creation of norms and the process of institutional change. I have nothing to say on these. My comments will focus on a different theme, dear to economists...

The concentration of wealth in the United States has reached its highest level ever, equal to what it was on the eve of World War I. The wealthy maintain their wealth – sheltering it from confiscation via taxation – mainly through ideological means. Influencing politics directly through...

[This item is a preserved copy. To view the original, visit http://econtheory.org/] Axiomatic bargaining theory (e.g., Nash's theorem) is static. We attempt to provide a dynamic justification for the theory. Suppose a Judge or Arbitrator must allocate utility in an (infinite) sequence of...