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- Open-access property may exist because ownership has never been established, granted, by laws within a particular country, or because no effective controls are in place, or feasible, i.e., the cost of exclusivity outweighs the benefits. (en)
- Three important criteria for efficiency of property rights are
universality—all scarce
resources are owned by someone;
exclusivity—property rights are
exclusive rights;
transferability—to ensure that resources can be allocated from low to high yield uses (en)
- a complex of positions, roles, norms and values lodged in particular types of social structures and organising relatively stable patterns of human activity with respect to fundamental problems in producing life-sustaining resources, in reproducing individuals, and in sustaining viable societal structures within a given environment. (en)
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