Étiqueté : property rights

Gas Network and Market: à la carte?

The institutional setting of open gas networks and markets is revealing considerably diverse and diverging roads taken by the US, the EU or Australia. We will show that this is explained by key choices made in the liberalization process. This liberalization is based on a redefinition of the property rights associated with transmission grid usage…

Property rights, oil and income levels: Over a century of evidence

We investigate the e¤ects of di¤erent regimes of control rights over oil exploitation on aggregate domestic income. We construct a new panel dataset on petroleum ownership structures for up to 68 countries between 1867-2008, distinguishing among regimes of Domestic Control, Foreign Control, and international Partnerships. Results show that Partnerships tend to generate higher domestic income than Foreign and Domestic Control. This result is robust to controlling for political regimes (i.e. democracy, anocracy, autocracy), time e¤ects, and other factors. Existing theories of incomplete contracts capture several aspects, but not the general mechanism underlying the relationships between aggregate domestic income and control regimes in primary sectors.

The impact of who decides the rules for network use: A ‘common pool’ analysis of the investment dynamics in different gas network regulatory frames

The liberalization of the natural gas industry has been based on the idea that infrastructure may be used by different gas owners. Different players using the same resources can give raise to ‘commons dilemmas’, which are defined by a conflict between individual rationality and group rationality. To avoid ‘commons’ inefficiencies, solutions are to establish rules that constrain the players’ use of the network…

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