It is common wisdom that open-access leads to the inefficient use of resources and private ownership of resources improves efficiency. However, the impact of enclosure and efficient management of some resource pools on other open-access resource pools is poorly recognized. The problem is common...

Although much has been written about monopoly extraction of natural resources, the case of a resource being sold in two separate markets has escaped notice. We find that a monopolist facing two different iso-elastic demand schedules extracts more rapidly than the social planner, whether or not...