10. Property Rights and Externality
10.1
Property Rights and ExternalityTransferable and enforceable property rights encourage investment and high-valued uses.
10.2
Spillovers Are Not Always ExternalitiesExternal costs or benefits exist only if property rights have not been clearly defined and/or when the negotiation or enforcement cost exceeds damage.
10.3
External Benefit and External Cost - flashThe existence of external cost and external benefit leads to misallocation of resources.
10.4
Tragedy of the commons - flashNarrated lecture on over-exploitation of commons resources due to unlimited entry.
10.5
Licensing TextbooksUnbundling the intellectual content from the physical embodiment of textbooks might lower the prices of textbooks.
10.6
Fished Out!By assigning fishing quotas to individual fisherman, Iceland has solved the problem of over-exploitation typically associated with open access to common-pool resources.
10.7
Making Animal Conservation PayPeople will conserve wildlife if they have a financial stake in it.
10.8
Owners, Keepers?Stronger property rights may reduce overexploitation of natural resources that require little upfront capital investment, but may lead to faster exploitation of resources that require substantial upfront capital investment.