HM 7 - AREC/ECON 478 NATURAL RESOURCE ECONOMICS HOMEWORK ASSIGNMENT#7 PROFESSOR LUECK Spring 2009 1 THE LAW OF RESOURCE OWNERSHIP Water rights in

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AREC/ECON 478                   PROFESSOR LUECK NATURAL RESOURCE ECONOMICS                    Spring 2009               HOMEWORK ASSIGNMENT #7 1. THE LAW OF RESOURCE OWNERSHIP Water rights in western states have been established by “prior appropriation” (e.g., Coffin v. Lefthand Ditch Co., Colorado 1882 ). Ownership of oil has been established under the “rule of capture” (e.g., Barnard v. Monongahela, Pennsylvania 1902 ). Ownership of wild animals is also established by the rule of capture (e.g., Pierson v. Post, New York 1807 ). Compare the ownership rules in Coffin, Barnard, and Pierson ? Be sure to explain the different incentives under each rules and the potential for wealth dissipation. 2. INSTREAM WATER RIGHTS Under the doctrine of prior appropriation water rights are bought and sold separate from riparian land. In general, however, claims cannot be made for in stream uses, nor can water rights holders sell their water to in
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This note was uploaded on 05/03/2009 for the course ECON 478 taught by Professor Staff during the Spring '08 term at University of Arizona- Tucson.

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