Evaluating the Economic Performance of Property Systems
AbstractHow should the economic performance of property systems be evaluated? Benefit-cost analysis is widely used to evaluate non-market based regulation when prices are not available. Market prices provide better information for property systems, but market prices are not necessarily socially optimal when property rights are imperfect. This paper discusses two practical approaches to evaluating the performance of property systems, one based on an analysis of institutional performance, the other based on measuring incentives. As an illustration, I show how these approaches might be used to evaluate the US patent system.
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Bibliographic InfoArticle provided by De Gruyter in its journal Review of Law & Economics.
Volume (Year): 5 (2009)
Issue (Month): 3 (December)
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Web page: http://www.degruyter.com
Other versions of this item:
- James Bessen, 2009. "Evaluating the Economic Performance of Property Systems," Working Papers 0902, Research on Innovation.
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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- James E. Bessen, 2010.
"Communicating Technical Knowledge,"
Levine's Working Paper Archive
661465000000000308, David K. Levine.
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