"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...

[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...