This study focuses on the Paldang reservoir in Korea to introduce an optimal governance model of land use in the watershed from a property rights perspective,. The particular model is developed based on the premise that land use activities, which differ in attributes, can properly be aligned with governance mechanisms in such a way that minimizes the governance costs. Given the intrinsic limitations of the measurement of governance costs, this study applies the discrete structural analysis for the alignment. The model developed in such a manner prescribes very diverse and specific mechanisms for the governance of land use activities, and as such, the relevance of this model to the real world situation is much greater. The diversification of policy measures can not only contribute to the improvement of the water quality in the reservoir, but also provide the watershed residents with the opportunity to develop a series of environmentally sensitive and economically viable patterns for growth and diversity.
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