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1、1外文文獻翻外文文獻翻譯譯譯譯文原文：DefiningPropertyRightsGlobalizationadvancesininfmationtechnologyincreasingInterusagearecreatingdevelopmentsinpropertyrightsissuesthatneedtobeaddressedbynotonlyresearchersbutalsomanagerspublicpolicymake

2、rs.Thisarticlepresentsatheeticalframewkthatexaminesthedeterminantsofthelevelofdefinitionofpropertyrightsoverresources.Propertyrightsoveranyresourcearesubjecttooptimizationaredefinedtotheextentthatthebenefitsofdefinitione

3、xceedthecostsofdefinition.Therearefivemajcostbenefitcomponentsthatcanbeusedtopredictthelevelofdefinitionofpropertyrightsoveraresource:①capturecostsrentdissipationcreatedbynonexclusivity②exchangepolicingcosts③costsofreduc

4、edinvestmentcreatedbynonexclusivity(includesreallocationvaluationcosts)④exchangevalueofresource⑤socialcostsofexclusivity.Resourcespecificfactsinfluencethemagnitudeofeachofthesefivecomponentsaffectingthefinallevelofdefini

5、tionofpropertyrightsoveraresource.PropertyRightsAccdingtoLibecappropertyrightsaresocialinstitutionsthatdefinedelimittherangeofprivilegesthataregrantedtoindividuals(entities)regardingspecificassets.Propertyrightsinstituti

6、onscanrangefromfmalarrangements(e.g.constitutionalprovisionsstatutesjudicialrulings)toinfmalnmscustomsregardingtheallocationuseofassets.Theseinstitutionsassignownershiptovaluableassetsdesignatewhobearstherewardscostsofre

7、sourceusetherefetheyhaveasignificantimpactoneconomicbehaviperfmance.Traditionallyeconomicsliteraturehasdifferentiatedbetweentwotypesof3therighttocontractisabsentsinceacontractisessentiallytherighttoexclude.Theabsenceofth

8、isrightcancreatecommonpoollossesthatcanreducetheeconomicvalueoftheresource.Fexampleifapieceofliscommunallyowned“everypersonhastherighttohunttillminethel.Thisfmofownershipfailstoconcentratethecostassociatedwithanyperson’s

9、exerciseofhiscommunalrightonthatperson.Ifapersonseekstomaximizethevalueofhiscommunalrightshewilltendtooverhuntoverwkthelbecausesomeofthecostsofhisdoingsoarebnebyothers.Thestockofgametherichnessofthesoilwillbediminishedto

10、oquickly.”Ifthecommonpoollossesarehighindividualscanestablishpropertyrightsoveracommonpoolresourcethroughapoliticalprocess.Howevertheexistenceofcommonpoollossesdoesnotnecessarilymeanthatthesocietywouldbebetteroffwithwell

11、definedpropertyrightsoverthatresourcesincetherearecoststodefiningpropertyrights.Specificallythelevelofdefinitionofpropertyrightsissubjecttooptimizationbythepartiesthatareinvolvedintheuseoftheresource.Howeveracompletedefi

12、nitionofpropertyrightsoveralltheattributesofaresourcecanbeprohibitivelycostly.Therefethepropertyrightswillbedefinedtotheextentthatthecostsofdoingsoareequivalenttothebenefitsofdoingso.TheeticalFramewkWhethernotavaluablere

13、sourcecanremaininthepublicdomain(i.e.remainasacommonpoolresource)dependsonthecostsversusthebenefitsofdefiningpropertyrights.Asnotedtherearefivemajcomponentsthatdrivethecostbenefitcalculations:capturecostsrentdissipatione

14、xchangepolicingcostscostsofreducedinvestmentexchangevaluesocialcosts.CaptureCostsRentDissipationCreatedbyNonExclusivityCapturecoststhedissipationofrentsaretwoofthemostthoughlyanalyzedaspectsofcommonpoolresources.Capturec

15、ostsexistbecausecommonownershipmotivatesindividualstooveruseresourcesasaresultofwhichtheyobtainallthebenefitsofoverusewhilebearingonlyapartofthecosts.Fexamplefishermenaremotivatedtooverfishcommunallyownedfishinggroundsbe

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