chapter  8
Property Rights, Legal Instruments, and Informational Policies
Pages 23

I n the previous chapters in Part II, we discussed many classic policy instru-ments, such as taxes, zoning, and permits. In this chapter, we turn to a more subtle group of policy instruments that goes to the heart of the structure of the economy and society. We start with the definition of property rights, which may be either private, collective, or other. The actual bundle of rights may be defined or restricted in different ways. We dwell particularly on common property resource (CPR) management, because it is important to the management of ecosystem resources in many countries. The chapter then continues with a section on liability and other legal instruments, which can be seen as restrictions on the bundle of rights mentioned. Legal systems and enforcement vary considerably from one country to another, creating diverse conditions for different instruments. We end this chapter by considering environmental (so-called voluntary) agreements and the role of information provision, environmental labeling and corporate social responsibility.