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The Variety of Property Systems and Rights in Natural Resources

Property theory has not kept pace with the growth of empirical and historical information on property systems. This paper, prepared for a Lincoln Institute conference on "The Evolution of Property Systems and Rights Related to Land and Natural Resources": (a) introduces conventional theories of property rights in natural resources (based largely on Hardin 1968 and Demsetz 1967); (b) addresses issues in the construction and meaning of property rights and systems; (c) describes the findings of social scientists from decades of field and experimental research about the structure and performance of existing property systems; and (d) calls on property scholars to move beyond "naive" and simplistic theories of property rights in light of the wealth of empirical evidence demonstrating the variety of successful property regimes in use.