Oper Access Resource

Question 1

Full ownership bundle of nights

Answer 1

Largest, most extensive/ complete set of rights to property

Question 2

Property rights system

Answer 2

Institutional arrangements that lay out The sets of legal relations that exists among agents in their access to and use of natural capital

Question 3

Market failure

Answer 3

Tragedy of the commons , degradation of a resource resulting from overuse/overharvest

Question 4

How does tragedy of the commons come about

Answer 4

Any agents use leaves loss for other agents

Question 5

Non-rival

Answer 5

One agent’s use of The good does not diminish another persons ability to use the good

Question 6

Non - excludable

Answer 6

Once the g/s is made available by someone, it is also available to anyone else

Question 7

Free ride

Answer 7

To underpay relative to the benefit one receives

Question 8

Free ride

Answer 8

To underpay relative to the benefit one receives

Question 9

Market failure of public good

Answer 9

Under supply/ under allocation compared to what would be efficient

Question 10

What happens when agents engage in non- revelation of preferences

Answer 10

It means that the revealed aggregate MB is lower than the MB market so it will generate an inefficiency