1. Read the section titled "Agency Theory and Bilateral Negotiations" in the 1995 paper "A Bargaining Framework for the Global Commons," by Daniel W. Bromley and Jeffrey A. Cochrane, available online through The Environmental and Natural Resources Policy and Training Project.
   
   What is the problem that agency theory attempts to address? Summarize the weeding example presented in the paper and explain how it relates to the issue of global climate change. What are the "domestic" and "international" problems presented in the paper?
   
   
2. Read the Executive Summary and Introduction (pages 1-3) to the 2001 paper "The Birth of the Property Rights Movement" by Steven J. Eagle, available on the Cato Institute's web site.
   
   Summarize the case of Bernadine Suitum. In your opinion, would development of the parcel constitute damage to a common property resource? Explain. What principle would you use to determine whether private property owners should be compensated when public policies prevent them from developing their land? Can economic theory be used to resolve differences when private property rights conflict with the public good?