5. Open access resources Flashcards
1
Q
What are the charachteristics of open access resources?
A
Non-excludable
Rival
2
Q
What is a stock externality in the context of fishing?
A
The externality is the impact on the stock of fish which affects the rate they grow.
3
Q
Define a stock externality?
A
Consumption that affects the quantity of a good and where the quantity of the good affects the costs or beenfits of another party
4
Q
What are 3 potential solutions to open access resources?
A
- Prescriptive regulations
- Allocate property rights to a single owner
- Individual transferable quotas
5
Q
What does Ostroms law state?
A
A resource arrangement that works in practise can work in theory. Can be governed without the need of government
