I found this article!
Better Surfing Comes with Property Rights
by Bart Frazier, Posted November 1, 2007
Excerpt:
Coase and surfing
"In 1991, Ronald Coase won the Nobel Prize in economics “for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy.” In one of his seminal works, The Problem of Social Cost, he determined that as long as property rights are well-defined and it is easy to transfer property from one person to another, an efficient distribution and use of that property will result no matter whom the property rights are initially granted to. As it relates to our resource problems, the Coase Theorem tells us that once we take the first step, actually defining the rights to a resource, the “tragedy of the commons” for that resource will disappear as long as a free market exists.
We can see the Coase Theorem at work today in the world of surfing where an interesting development in property rights has recently occurred — where a resource that has traditionally been unowned is currently undergoing a positive transformation.
The world of surfing has seen an explosion in the number of people who want to surf. In the early 20th century, the only people who surfed were native Hawaiians. As tourism became an integral part of Hawaii’s economy, tourists took surfing back to California. In 1959, it is estimated there were approximately 5,000 surfers worldwide. The popularity of the movie Gidget, which was released that same year, drastically changed the landscape. By 1963, there were two million surfers, most of them in California. Today, the worldwide surfing population is estimated to be between 17 and 23 million.
That is an explosion in demand that any corporate CEO would drool over. With the number of surfers growing at an exponential rate and a limited number of waves for them to share, crowding has become a problem. The crowding occurs because no one has a right to the waves, specifically the right to prevent others from using them. It is a first-come, first-served system. In the early days of the sport, this wasn’t much of a problem: very few people were jockeying for rides. Ten people could easily share waves at a good break. Now it is not uncommon to find 50 or more people fighting for the same wave.
Things are not quite the same in Fiji though. One of the premier surfing destinations in the world is Tavarua Island Resort, which owns not only the entire island of Tavarua but also the waves that hit the island. Its waves are so good that the professional surfing tour holds an annual competition there.
Because Tavarua Island Resort and the waves that break on its shores are private property, it can offer what almost every place in the world cannot — relative solitude in prime surf. The resort limits the number of people on the island on any given day to 24. That’s it. For your money you know for a fact that there will be a maximum of 23 other people out in the water with you, and most likely fewer. If you have the cash, $3,478 to be exact, you can rent the perfect waves for a week. Twenty years ago, surfers never dreamed that such a resort could have existed. And it never would have if property rights had not evolved to include waves.
Property rights have evolved in other areas to allow efficient transactions and eliminate the commons. Oyster beds in North Carolina have made a dramatic comeback since oystermen have been allowed to claim beds for their own. The right to own big game animals in Africa has led to an exploding ecotourism industry, bringing elephants back from the brink of extinction. Property rights in conservation itself have developed as landowners sell easements against future development on their property.
As long as private individuals or companies have ownership over any resource, it is in their interest to conserve it and protect its value. That is the direction that our domestic policy should strive for — as much property as possible in the hands of the private sector and as little as possible under the control of government bureaucrats."
This; http://answers.google.com/answers/threadview/id/786278.html , with link to a few more.
So is that the solution… re-define property rights, or use the corse theorum? Thats an exception though really, is it not? If you are to redefinre property rights, how can you properly / legitimately give property rights to the right owners, whoever that is? [:S]