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Governing the Resource: Scarcity-Induced Institutional Change
Abstract
This paper provides a dynamic model of natural resource management where the institutional
structure that governs resource use changes optimally with resource depletion. Copeland and
Taylor (2009) analyze how characteristics of a natural resource determine whether its steady-
state management regime is open access, communal property, or private property. We extend this
and other studies on endogenous institutions to analyze how and when resource governance may
change on the transition path to the steady state, taking into account the fixed costs of
institutional change and the variable costs of enforcement and governance. Assuming that
governance cost is increasing in the difference between open-access and the actual harvest, we
show that open access can be optimal if the resource is abundant relative to its demand or if
governance costs are high. Once open access is rendered inefficient due to increased resource
scarcity, further depletion may justify institutional change. Given the cost of institutional change,
optimal resource use implies non-monotonic resource dynamics. These findings explain the co-
evolution of resource scarcity and property rights — from open access to common property and
beyond. We also extend the Demsetz-Taylor theory that price induced scarcity may or may not
be sufficient to induce institutional change by adding dynamics to the steady state conditions of
Taylor (2008).
Key words: institutional change; property rights; renewable resources; resource governance
JEL Codes: D23, O13, Q20.
1. Introduction
A variety of institutional forms exists for the management of natural resources around the world,
ranging from open access (no property), common property, private property, and state property.
A large body of literature in institutional and resource economics has emerged to explain why
diff
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