![]() In between open access and private property rights are a host of commons arrangements. A full set of private rights consists of the following: 1) the right to use the asset in any manner that the user wishes, generally with the caveat that such use does not interfere with someone else’s property right 2) the right to exclude others from the use of the same asset 3) the right to derive income from the asset 4) the right to sell the asset and 5) the right to bequeath the asset to someone of your choice. By open access we mean that anyone can use the asset regardless of how their use affects the use of others. Property rights range from open access to a fully specified set of private rights. ![]() Property rights consist of the set of formal and informal rights to use and transfer resources. Property rights determine the incentives for resource use.
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