Property vs Commons The benefits of treating something as property A mechanism for moving it to its highest valued use An incentive to maintain property An incentive to make things ·The right incentive The costs of treating something as property You have to monitor use and enforce your rights You have to bear the cost of transacting over it-consider tolls vs free trespass There may be costs to converting unowned resources,such as wilderness land,to property Property vs Commons • The benefits of treating something as property • A mechanism for moving it to its highest valued use • An incentive to maintain property • An incentive to make things • The right incentive • The costs of treating something as property • You have to monitor use and enforce your rights • You have to bear the cost of transacting over it–consider tolls vs free trespass • There may be costs to converting unowned resources, such as wilderness land, to property