Consider the Ogallala Aquifer of the U.S. plains states. (A) Define “common property resource” and explain...

Consider the Ogallala Aquifer of the U.S. plains states. (A) Define “common property resource” and explain “common property resource” uses and management issues in the context of the Ogallala Aquifer. (B) Identify and explain using course concepts any two (2) of a regulatory, fine/fee and/or groundwater market solutions to the problems of a common property resource.

Expert Solution

A. Common property resources often leads to market failure due to overexploitation. Common property resources can be defined as a resources which is rivalrous but non excludable. It means there is no restriction on anyone using but when one uses it others cannot use the same good. Another example can be a common lake with fishes. All fishermen can go but catch by one cannot be used by another. As it is common and ownerships is with all, it often gets overexploited.

B. It can be regulated by charging a fees/ issuing licences/ capping the use. Top down is also used. Top down approach means that government makes laws like giving quota per person for fishing or giving licences for usage.

In this case ogallala recharge is slower than its usage and hence usage is becoming unsustainable. Its conservation can be put in the hands of farmers so that actual beneficieries will take responsibility. Rainwater harvesting and percolation underground that rechages aquifer is also a soultion. Farmers can be made to harvest rainwater compulsarily.

Rahul Sunny answered 2 years ago

Question 2 a. Define a common resource, and name one example of a common resource located...

Question 2 a. Define a common resource, and name one example of a common resource located in Arizona. b. Explain what problem prevents efficient use of common resources. c. List all methods for dealing with “the tragedy of the commons” that are discussed in the textbook. d. Briefly discuss one of the methods for dealing with “the tragedy of the commons.”..

The fishery is the most important common property resource in Canada. Why is it so difficult...

The fishery is the most important common property resource in Canada. Why is it so difficult to prevent over‐fishing when the evidence is clear that over‐fishing will destroy the fishery? What kinds of policies have Canada used to protect the fishery? Use the personal opinion to answer，thanks.

Consider two countries, the United States (U.S.) and Japan. In the U.S., there are two firms,...

Consider two countries, the United States (U.S.) and Japan. In the U.S., there are two firms, Pikes Peak Steel (PPS) and General Motors (GM), both owned by U.S. citizens. In Japan, there is one firm, Toyota, owned by Japanese citizens. All of the employees of PPS and GM are U.S. citizens and all of the employees of Toyota are Japanese citizens. In a given year, PPS produces $6000 worth of steel and pays wages of $1500. It sells $2000 worth...

Some resources are private, others are common, and still others are public. Define a private resource,...

Some resources are private, others are common, and still others are public. Define a private resource, common resource, and public resource, explain your definitions, and provide one example of each. What problem prevents the efficient provision and management of a common resource by private unregulated markets? What problem prevents the efficient provision and management of a private good or service by private unregulated markets? What is the obstacle to the efficient production by free markets of goods and services like...

Define the term "property rights" and explain why the lack of well-defined and enforceable property rights...

Define the term "property rights" and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system.

Question 1 a. Define a (i) private good; (ii) public good; and (iii) common resource. b....

Question 1 a. Define a (i) private good; (ii) public good; and (iii) common resource. b. What is a “free rider problem,” and what challenge does it pose for the private production of public goods and services? c. How is the demand for a public good different from the demand for a private good? d. Outline the role government plays in the provision of public goods.

Under the United States Generally Accepted Accounting Standards (U.S. GAAP), property, plant and Equipment are reported...

Under the United States Generally Accepted Accounting Standards (U.S. GAAP), property, plant and Equipment are reported at historical cost net of accumulated depreciation. These assets are written down to fair value when it is determined that they have been impaired. Several other countries, including Australia, Brazil,England, Mexico and Singapore, permit the revaluation of property, plant and equipment to their current cost as of the balance sheet date. The primary argument in favor of revaluation is that the historical cost of...

What is the definition of common property? Give an example, and explain how and why the...

What is the definition of common property? Give an example, and explain how and why the common property will be mishandled by the private market.

What two incentives are associated with common property that can be used to explain the tragedy...

What two incentives are associated with common property that can be used to explain the tragedy of the commons?

Explain using an example how the Coase Theorem states that by properly assigning property rights will...

Explain using an example how the Coase Theorem states that by properly assigning property rights will result in an efficient outcome (HINT: I highly recommend that you use a diagram to help explain your answer). What are the two assumptions needed for the Coase theorem to hold?

Question