Non-Exclusive Resources And Rights Of Exclusion: Private Property Rights In Practice

Certain scarce resources seem indivisible, unlike, e.g., land and cattle. But some such resources can be, and have been, turned into private property. In offshore fishing grounds, individual tranferable quotas have been issued to fishing firms that have, as a result, become custodians of fish stocks in those grounds. In the eel fishery on the Danish coast owners of farms by the coast had traditional rights to lay eeltraps leasing those rights...