Property Rights and Contract Form in Medieval Europe

Alexander Volokh

American Law and Economics Review, 2009, vol. 11, issue 2, 399-450

Abstract: Throughout western Europe, beginning about 1200, leasing of lords' estates became more common relative to direct management. In England, however, direct management increased beginning around the same time and until the fourteenth century, and leasing increased thereafter. This article models contract choice as a trade-off between incentives and insurance. Leasing increases as living standards improve. In England, the increase in direct management can be explained by improved security of freehold tenure, and the increase in leasing can be explained not only by living standards but also by improved security of leasehold tenure. Copyright 2009, Oxford University Press.

Date: 2009
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