Final answer:
Property rights, including water rights, associated with having a river on one's property, define the legal ownership and the rights of usage without others infringing. These rights are liable for managing and minimizing conflicts.
Step-by-step explanation:
When it comes to having a river on one's property, various rights can come into play. These rights are part of a broader concept known as property rights, which Ronald Coase emphasized as crucial for resolving disputes and issues concerning the usage of property.
Property rights define the legal ownership and usage rights where others cannot infringe without compensation. If such rights are well-defined, the owner can manage and resolve conflicts more efficiently, such as a farmer protecting a field from wildfire or a railroad operating its trains safely.
In the context of rivers, ownership may entitle a person to specific water rights, including the use of water for irrigation, fishing rights, and the responsibility to maintain the river's health. Rights may also determine who is liable for damages caused by water or changes in its flow.
Additionally, depending on local laws, environmental regulations, and whether the river is navigable, the rights may extend or limit one's ability to alter the river's course or exploit its resources.