Abstract
Public concern has been expressed in most states over the adequacy of present allocative mechanisms to guide land and water use effectively. Private land and water use decisions are seen to have effects far beyond those intended by the decision makers. People intuitively recognize that society's natural resources are not being used to the greatest good when these “spillovers” occur. Ervin et al. (p. 4) have described the situation: “… given our (society's) broader viewpoint where impacts are taken into account which do not enter a firm's profit calculations (or a consumer's), the decision may well be socially inefficient.” The concern about these “spillovers” has led to calls for increased government intervention by way of regulation (Healy and Rosenberg). The implicit assumption is that government action can improve the efficiency of land and water use.
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