Toward a Theory of Property Rights

Harold Demsetz

Chapter 8 in Classic Papers in Natural Resource Economics, 1974, pp 163-177 from Palgrave Macmillan

Abstract: Abstract When a transaction is concluded in the marketplace, two bundles of property rights are exchanged. A bundle of rights often attaches to a physical commodity or service, but it is the value of the rights that determines the value of what is exchanged. Questions addressed to the emergence and mix of the components of the bundle of rights are prior to those commonly asked by economists. Economists usually take the bundle of property rights as a datum and ask for an explanation of the forces determining the price and the number of units of a good to which these rights attach.

Keywords: Public Choice; State Ownership; Private Ownership; Equity Capital; External Cost (search for similar items in EconPapers)
Date: 1974
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DOI: 10.1057/9780230523210_9

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