Private versus Public Goods

• Private Goods
• Rival goods
• Public Goods
• Congestible goods
  

Water Rights

• Riparian rights
• Prior appropriation (appropriative rights)

Non-exclusive resource use

• Fisheries
  

Renewable resources with multiple uses

• Forests
  

Sustainable Resource Use

Assignment for Next Time
Read pp 308-309 Bring a cell phone and good running shoes to the next class. Dress appropriately for the weather. Come to class with a basic understanding of the concept of cost-space convergence and time-space convergence.