Contractual Arrangements for Sharing Benefits from Preservation: Joint Management of Wildlife

Abstract

In the continuum of property rights, there are at one extreme exclusive private property rights (the case of private goods) and at the other extreme no property rights at all (public goods). The natural resources comprise resources belonging to both private and public goods categories, examples of the former are minerals. and fossil fuels, and of the latter are atmosphere and oceans. There are natural resources of an intermediary category which are regarded as common-pool resources or impure public goods possessing the properties of both public and private goods. For example, a preserved forest land provides supply of private goods such as fodder grass and other forest products, and public goods such as recreational services and other amenities.