ABSTRACT
It is well known that some property rights structures give rise to socially undesirable outcomes in the spatially homogeneous case – the marquis example being the complete erosion of pecuniary net benefits (or “rent dissipation”) in an open-access fishery; this is Clark’s (1976) bionomic equilibrium. In spatially heterogeneous systems, decentralized decisions about resource exploitation often fail to account for spatial variations in the in situ value of the resource.
