China Mineral Rights Management Institutional Changes: With Perspective of New Institutional Economics and Game Theory
The primary concern of mineral resource management is the allocation of mineral rights. Institutional changes, which are bound by the limitations of the laws of geological works, are strongly associated with macroeconomic development. This paper uses game theory and the new institutional economics to present a thorough analysis of the history and motivation behind the changes in Chinas institutional policies for mineral rights management since the PRC was founded in 1949. There have been three main phases for mineral rights management in China: free use, compensated use and classification of mineral rights. Institutional free use represents a long-term equilibrium in a planned economy, but it cannot be adapted for a market economy. Compensated use ensures that the government is properly compensated for the equity of the state, but the imperfect market leads to speculation, which makes the mineral rights market more chaotic. The classification of mineral rights by the Chinese government, to some extent, has produced a stable market. The central government, the local government and the mining firms are the main participants for institutional changes. These changes are developed through result of repeated games. The absolute power of the central government gives them to authority to implement any changes, so actually it is an imposed institutional change induced by the external environment. In next round of interest game and institutional change, as the integration of capital and technology is now recognized by all the players, this may be the changing orientation of Chinas mineral rights management.
Mineral rights Institutional change Game theory Compensated use Classification management
WU Qiang
China University of Geosciences,Beijing,P.R.China,100083;Chinese Academy of Land and Resource Economics,Beijing,P.R.China,101149
国际会议
2009 International Conference on Management Science and Engineering(2009管理科学与工程国际会议)
北京
英文
101-106
2009-11-01（万方平台首次上网日期，不代表论文的发表时间）