Increasingly Contested Property Rights and Trading in Environmental Amenities
研究了环境法律扩大合法产权主体后，禁令救济对交易价值的影响，实验发现交易者会过度反应并减少交易量。
Evolving environmental laws have expanded the number of agents with legitimate environmental property rights. Injunctive reme- dies to increasingly contested exchanges affect the value of the right itself, and therefore the be- havior of potential traders. Recent amendments to New Mexico Water Law provide an excellent op- portunity to explore these effects. We explore the behavior of traders given a decrease in the proba- bility of successfully completing a transaction. Our experiments show traders have a propensity to over-respond to the threat of injunctive reme- dies, and consequently reduce their volume of trades below the privately optimal volume of trades.