The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property...

Dr. Naya has been one of only two instructors of a course unique to the University of Hawaii called, "The Economics of Cooperation." He was an early observer of deliberation councils and other institutions whereby the investment coordination problem was partly solved by extra-market cooperation...

We provide a synthesis of the economics of groundwater with a focus on optimal management and the Pearce equation for renewable resources. General management principles developed through the solution of a single aquifer optimization problem are extended to the management of multiple resources...