Unitization

11 Pages Posted: 29 Apr 1998

See all articles by Gary D. Libecap

Gary D. Libecap

University of California, Santa Barbara (UCSB) - Donald Bren School of Environmental Science & Management; University of Arizona - Karl Eller Center; National Bureau of Economic Research (NBER); PERC - Property and Environment Research Center

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Abstract

This paper, forthcoming in the New Palgrave Dictionary of Economics and the Law, summarizes the common-pool problem faced in oil and gas production under the rule of capture. It defines unitization as a solution to the problem and then describes the bargaining issues involved in arriving at a unitization agreement. Legal issues and cases are included.

JEL Classification: L71

Suggested Citation

Libecap, Gary D., Unitization. New Palgrave Dictionary of Economics and the Law. Available at SSRN: https://ssrn.com/abstract=81573 or http://dx.doi.org/10.2139/ssrn.81573

Gary D. Libecap (Contact Author)

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