This article presents a case of using property rights to govern land use in the high country of New Zealand’s South Island. It tells the story of a land reform policy and its implementation over two decades, through changes in rules and governing parties. It observes land reform outcomes that are surprisingly favourable to pastoral leaseholders, and surprisingly unfavourable to the Crown. It th...

We study how the strength of property rights to individual extractive firms affects a regulator’s choice over exploitation rates for a natural resource. The regulator is modeled as an intermediary between current and future resource harvesters, rather than between producers and consumers, as in the traditional regulatory capture paradigm. When incumbent resource users have weak property rights,...

Vickers Hot Springs is located near the rural Southern California town of Ojai, and local residents have long enjoyed soaking in the sulfuric pools. But as knowledge of the springs spread, the area saw increases in fights, traffic, burglaries, and drug use. In response, two residents purchased the land and committed to restore the property while allowing limited public access, subsequently gene...