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Common property economics defines and clarifies the theoretical distinction between open access and common property and empirically tests the adequacy of resource allocation under common property and empirically tests the property in comparison with private property. Group use of natural resources has often received the blame for overexploitation and mismanagement, whether of fisheries, grazing land, oil and gas pools, groundwater, or wildlife. In this book two types of group use are identified: open access and utilization without any controls on extraction rates, a situation in which resource overexploitation often occurs. In contrast, common property refers to the situation where the group controls the access to and extraction rates of the resource. The common property solutions differ from those associated with open access. The nonoptimality of open access is demonstrated with graphic, game theoretic, and mathematical models. The necessary and sufficient conditions for common property to overcome the difficulties of open access are examined. Stevenson discusses historical examples, the basis in legal concepts, the contrast with public goods, the formation, and the stability of common property. In a detailed, empirical study of alpine grazing in Switzerland, the author compares the performance of common property with that of private property. He also notes the similarity in structure between the Swiss grazing commons and the English open field system.

Natural resources, Communal --- Land tenure --- Right of property --- Commons --- -Cooperation --- -Grazing districts --- Grazing districts --- -330.52 --- -Commons --- -Land tenure --- Ownership of property --- Private ownership of property, Right of --- Private property, Right of --- Property, Right of --- Property rights --- Right of private ownership of property --- Right of private property --- Right to property --- Civil rights --- Property --- Communal natural resources --- Community-owned natural resources --- Collective settlements --- Public lands --- Village communities --- Agrarian tenure --- Feudal tenure --- Freehold --- Land ownership --- Land question --- Landownership --- Tenure of land --- Land use, Rural --- Real property --- Land, Nationalization of --- Landowners --- Serfdom --- Rangelands --- Special districts --- Cooperative distribution --- Cooperative movement --- Distribution, Cooperative --- Economics --- Profit-sharing --- Common lands --- Communal land --- Communal lands --- Marks (Medieval land tenure) --- Nationaal vermogen. Nationaal inkomen. Nationale rijkdom. Nationale levensstandaard --- Law and legislation --- 330.52 --- 330.52 Nationaal vermogen. Nationaal inkomen. Nationale rijkdom. Nationale levensstandaard --- Collaborative economy --- Peer-to-peer economy --- Sharing economy --- Cooperation --- Cooperation. --- -Natural resources, Communal --- Business, Economy and Management --- Commons - - Switzerland --- Commons - - England --- Grazing districts - - Switzerland --- Grazing districts - - England --- Commons. --- Grazing districts. --- Right of property. --- Natural resources, Communal. --- Land tenure. --- -Business, Economy and Management --- -Commons.