11 Pages Posted: 29 Apr 1998
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: Suggested Citation