The Paper River Revisited: A Common Property Externality Exercise.
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| Title: | The Paper River Revisited: A Common Property Externality Exercise. |
|---|---|
| Authors: | Andrews, Thomas P.1 Tandrews@wcupa.edu |
| Source: | Journal of Economic Education. Fall2002, Vol. 33 Issue 4, p327-332. 6p. |
| Subject Terms: | Externalities, Property rights, Transaction costs, Welfare economics, Shadow prices, Economic policy |
| Abstract: | The author describes a modified version of the Paper River exercise that appeared in this journal in the Spring 1999 issue. The original game was designed to illustrate the application of the Coase theorem for solving an externality problem. In the Paper River, pairs of students share a single productive resource: small pieces of paper. At question is who has the rights to the paper. The author presents a modified version of the game that retains many of the same elements from the original, but the students work in groups rather than in pairs. Doing so increases the transaction costs associated with negotiating a solution. In addition, the productive resource is common property, so property rights are difficult to establish. These difficulties make a Coasian solution more difficult but make the simulation more realistic. [ABSTRACT FROM AUTHOR] |
| Copyright of Journal of Economic Education is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Database: | Education Research Complete |
| FullText | Links: – Type: pdflink Text: Availability: 0 |
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| Header | DbId: ehh DbLabel: Education Research Complete An: 7421186 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 0 |
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| Items | – Name: Title Label: Title Group: Ti Data: The Paper River Revisited: A Common Property Externality Exercise. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Andrews%2C+Thomas+P%2E%22">Andrews, Thomas P.</searchLink><relatesTo>1</relatesTo><i> Tandrews@wcupa.edu</i> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Journal+of+Economic+Education%22">Journal of Economic Education</searchLink>. Fall2002, Vol. 33 Issue 4, p327-332. 6p. – Name: Subject Label: Subject Terms Group: Su Data: <searchLink fieldCode="DE" term="%22Externalities%22">Externalities</searchLink><br /><searchLink fieldCode="DE" term="%22Property+rights%22">Property rights</searchLink><br /><searchLink fieldCode="DE" term="%22Transaction+costs%22">Transaction costs</searchLink><br /><searchLink fieldCode="DE" term="%22Welfare+economics%22">Welfare economics</searchLink><br /><searchLink fieldCode="DE" term="%22Shadow+prices%22">Shadow prices</searchLink><br /><searchLink fieldCode="DE" term="%22Economic+policy%22">Economic policy</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: The author describes a modified version of the Paper River exercise that appeared in this journal in the Spring 1999 issue. The original game was designed to illustrate the application of the Coase theorem for solving an externality problem. In the Paper River, pairs of students share a single productive resource: small pieces of paper. At question is who has the rights to the paper. The author presents a modified version of the game that retains many of the same elements from the original, but the students work in groups rather than in pairs. Doing so increases the transaction costs associated with negotiating a solution. In addition, the productive resource is common property, so property rights are difficult to establish. These difficulties make a Coasian solution more difficult but make the simulation more realistic. [ABSTRACT FROM AUTHOR] – Name: AbstractSuppliedCopyright Label: Group: Ab Data: <i>Copyright of Journal of Economic Education is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.) |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=ehh&AN=7421186 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1080/00220480209595330 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 6 StartPage: 327 Subjects: – SubjectFull: Externalities Type: general – SubjectFull: Property rights Type: general – SubjectFull: Transaction costs Type: general – SubjectFull: Welfare economics Type: general – SubjectFull: Shadow prices Type: general – SubjectFull: Economic policy Type: general Titles: – TitleFull: The Paper River Revisited: A Common Property Externality Exercise. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Andrews, Thomas P. IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 09 Text: Fall2002 Type: published Y: 2002 Identifiers: – Type: issn-print Value: 00220485 Numbering: – Type: volume Value: 33 – Type: issue Value: 4 Titles: – TitleFull: Journal of Economic Education Type: main |
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