We derive conditions under which cost-increasing measures - consistent with either regulatory constraints or fully expropriated taxes - can increase the profits of all agents active within a common-pool resource. This somewhat counterintuitive result is possible regardless of whether price is...

We derive conditions under which cost-increasing measures - consistent with either regulatory constraints or fully expropriated taxes - can increase the profits of all agents active within a common-pool resource. This somewhat counterintuitive result is possible regardless of whether price is...

The common-property problem results in excessive mining, hunting, and extraction of oil and water. The same phenomenon is also responsible for excessive investment in Ramp;D and excessive outlays in rent-seeking contests. We propose a Partnership Solution to eliminate or at least mitigate these...

Analyses of common property extraction under free access follow two distinct paths, traditional and game-theoretic, giving rise to two standard methodologies. One methodology avoids game-theoretic analysis by assuming that aggregate extraction in each period induces full rent dissipation. The...