Time-Limited Property Rights and Investment Incentives

Thomas Miceli and C. F. Sirmans
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C. F. Sirmans: University of Connecticut

No 2003-39, Working papers from University of Connecticut, Department of Economics

Abstract: Although it is axiomatic that property rights of infinite duration are necessary for owners to make efficient long term investments in their property, time limits on property rights are pervasive in the law. This paper provides an economic justification for such limits by arguing that they actually enhance property values in the presence of various sorts of market failure. The analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law.

Pages: 14 pages
Date: 2003-07
New Economics Papers: this item is included in nep-lam, nep-tid and nep-ure
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Related works:
Journal Article: Time-Limited Property Rights and Investment Incentives (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:uct:uconnp:2003-39

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