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- Title
'Externalities and Property Rights in the Fisheries': Reply.
- Authors
Agnello, Richard J.; Donnelley, Lawrence P.
- Abstract
This article presents the response to Verne Loose and Gary Robinson's (L-R) comments on the authors' paper about the externalities and property rights in oyster fisheries in the U.S. In their comment on our paper which appeared in an issue of the Land Economics journal, L-R are critical of our arguments for using the term grounds quality externality as separate from ownership externality and question the validity of our empirical measurements of the efficiency gains accompanying increased leasing of subaqueous land in the U.S. oyster fishery. In fact, L-R propose a theory of property rights which may be responsible for our empirical findings, but which leads to opposite policy conclusions. We will show that the comments of L-R in no way affect the validity of our results, although some issues they raise concerning the origin and extent of private rights such as leasing are nevertheless useful. To the extent that the first issue is narrowly semantic in nature, we consider their objection to our use of the term grounds quality externality to be trivial. If they prefer another term, such as investment externality, let them coin one. However, it L-R prefer to abandon the distinction entirely, which seems to be their desire, we certainly take issue.
- Subjects
UNITED States; PROPERTY rights; EXTERNALITIES; OYSTER fisheries; PROPERTY
- Publication
Land Economics, 1977, Vol 53, Issue 4, p492
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3145993