If you give people secure property rights, they have the incentive to move the property to its highest valued use:
'Whoever owns the soil, it's theirs up to Heaven and down to Hell." So goes the ancient common-law principle. Today, however, almost no major country recognizes full subsurface private property rights, except for the United States.
We need to be extremely careful with dealing of oil, as a Forex trader, I find this is the main core of things, if we are not careful about this then we will struggle big time. I don’t need to make any serious effort because I have got world class broker like OctaFX, it is incredible company with having the coverage of whole market which helps me so much given that I can always be sure of everything which brings out big deal of profits to me.
ReplyDeleteWho is making the bad decision? U.S. Property owners in North Dakota.
ReplyDeleteDoes the decision maker have enough information to make a good decision? Presumably, information about climate change is readily accessible.
Does the decision maker have the incentive to make a good decision? No. The property owner is has the incentive to pursue profits. A reduction in the value of fossil fuels as a result of green technology could change the decision maker's behavior.