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Tragedy, Property Rights, and the Commons: Disentangling the Two-way Causality between Institutions and Ecosystem Collapse

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  • The introduction of private property rights in common pool resource systems is not occurring at random, but depends on various factors, including the state of the resource itself. This inherent endogeneity problem of policy implementation makes it difficult to make any causal inference between the regulatory regime and the state of the environment. In this study we address the issue of reverse causality and omitted variable bias by employing a novel instrumental variable strategy for the case of marine fisheries. By combining data on ecological, economic and institutional characteristics into a panel data set, spanning over 50 years, 170 exclusive economic zones and 800 species, we empirically estimate the effect of introducing property rights on ecological outcomes. The results from the IV-DiD estimation suggest that property rights lower the probability of a fish stock collapsing, corroborating earlier findings by Costello et al. (2008). Furthermore, we extend the previous literature in two directions by (i) exploring how the effects of property rights interact with different country characteristics, like ownership risk, openness of trade, the level of trust in society, and the growth rate of the species and (ii) estimating the reverse causality, i.e. whether a stock collapse induces institutional change.
  • Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, held July 11-15, 2016 at Aberdeen Exhibition and Conference Center (AECC), Aberdeen, Scotland, UK.
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  • Challenging New Frontiers in the Global Seafood Sector: Proceedings of the Eighteenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 11-15, 2016. Compiled by Stefani J. Evers and Ann L. Shriver. International Institute of Fisheries Economics and Trade (IIFET), Corvallis, 2016.
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  • 0976343290

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