ABSTRACT
Competition for the grass seems unlikely, since there are similar valleys over almost every divide. But as time passes and as more cattlemen take advantage of the profit opportunities from grazing the prairies, land, grass, and water become more scarce and an additional cow in our valley reduces the land's grazing potential. Land on the Great Plains had several characteristics that affected its productive use. The mean average rainfall over much of the region does not exceed fifteen inches a year, precluding the use of land for farming as it was traditionally practiced in the East. Water presented special ownership problems in the West. Like livestock, water moves freely across many pieces of real estate, but unlike livestock, it is nearly impossible to "corral" except in reservoirs. Property rights are not static; the social arrangements, laws, and customs that govern asset ownership and allocation are continually evolving.
