The Economics of Property Rights

Alex Robson (a.robson@griffith.edu.au)

Chapter 7 in Law and Markets, 2012, pp 190-223 from Palgrave Macmillan

Abstract: Abstract This chapter examines one of the most important institutions in market economies: private property rights. Private ownership of property rights over an asset typically consists of a ‘bundle’ of rights, which usually include: 1. The right to use the asset; 2. The right to exclude others from using the asset; and 3. The right to dispose of the asset.

Keywords: Legal Rule; Welfare Loss; Welfare Gain; Liability Rule; Downstream Firm (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-35494-4_7

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DOI: 10.1057/9780230354944_7

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