Original article General Economics and Teaching

Common-pool resource management: a new institutional economics perspective

Alexandra Mirchevska - Sofia University St. Kliment Ohridski
Received: 08 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 4/2018
JEL P26 P48
DOI https://doi.org/10.56497/etj1863404

Abstract

The current paper introduces the theoretical approach of Common-pool resource management (CPRM). The paper summarizes the two dominant theoretical paradigms of CPRM theory – the traditional game-theoretic model, on one hand, and the new institutionalist approach mostly associated with the work of Elinor Ostrom, on the other. Through a theoretical comparison between the centralized and decentralized approaches to CPRM a focus on the main property rights distribution dilemma is provided. The paper provides a description of the role of internalization of externalities in achieving an efficient CPR management regime. The presented framework is transferred to the context of international common-pool resource management.

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