A question of title: Property rights and asset values
AbstractThis paper examines the impact of land title systems on property values. The predominant system in the U.S. and a few other countries, the recording system, awards title to claimants over current possessors, whereas the predominant system throughout most of the world, the registration system, awards title to the current possessor. The theory illustrates that the title system effect on asset value depends on property-specific factors like the risk of a claim and title system characteristics like transactions costs. A natural experiment in Cook County, Illinois, where both systems existed side-by-side from 1897 through 1996, allows a test of the theory. The evidence for commercial and industrial properties reveals that parcels tend to self-select into the two systems as expected with registration enhancing value once the self-selection effects are removed.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Regional Science and Urban Economics.
Volume (Year): 41 (2011)
Issue (Month): 6 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/regec
Land title system; Property rights; Recording system; Torrens system;
Other versions of this item:
- Thomas J. Miceli & Henry J. Munneke & C. F. Sirmans & Geoffrey K. Turnbull, 2008. "A Question of Title: Property Rights and Asset Values," Working papers 2008-32, University of Connecticut, Department of Economics.
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- P14 - Economic Systems - - Capitalist Systems - - - Property Rights
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rajeev H. Dehejia & Sadek Wahba, 2002.
"Propensity Score-Matching Methods For Nonexperimental Causal Studies,"
The Review of Economics and Statistics,
MIT Press, vol. 84(1), pages 151-161, February.
- Dehejia, R.H. & Wahba, S., 1998. "Propensity Score Matching Methods for Non-Experimental Causal Studies," Discussion Papers 1998_02, Columbia University, Department of Economics.
- Rajeev H. Dehejia & Sadek Wahba, 1998. "Propensity Score Matching Methods for Non-experimental Causal Studies," NBER Working Papers 6829, National Bureau of Economic Research, Inc.
- Rajeev H. Dehejia & Sadek Wahba, 2002. "Propensity score matching methods for non-experimental causal studies," Discussion Papers 0102-14, Columbia University, Department of Economics.
- Miceli, Thomas J. & Sirmans, C. F. & Turnbull, Geoffrey K., 2000. "The Dynamic Effects of Land Title Systems," Journal of Urban Economics, Elsevier, vol. 47(3), pages 370-389, May.
- Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
- Miceli, Thomas J, et al, 2002. "Title Systems and Land Values," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 565-82, October.
- Brownstone, David & De Vany, Arthur, 1991. "Zoning, Returns to Scale, and the Value of Undeveloped Land," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 699-704, November.
- Thomas Miceli & C.F. Sirmans & Geoffrey Turnbull, 1998. "Title Assurance and Incentives for Efficient Land Use," European Journal of Law and Economics, Springer, vol. 6(3), pages 305-323, November.
- Matthew Baker & Thomas Miceli & C. F. Sirmans & Geoffrey K. Turnbull, 2001. "Property Rights by Squatting: Land Ownership Risk and Adverse Possession Statutes," Land Economics, University of Wisconsin Press, vol. 77(3), pages 360-370.
- Baker, Matthew, et al, 2002. "Optimal Title Search," The Journal of Legal Studies, University of Chicago Press, vol. 31(1), pages 139-58, January.
- Lee, Lung-fei & Maddala, G S & Trost, R P, 1980. "Asymptotic Covariance Matrices of Two-Stage Probit and Two-Stage Tobit Methods for Simultaneous Equations Models with Selectivity," Econometrica, Econometric Society, vol. 48(2), pages 491-503, March.
- McMillen, Daniel P. & McDonald, John F., 1991. "Urban land value functions with endogenous zoning," Journal of Urban Economics, Elsevier, vol. 29(1), pages 14-27, January.
- Daniel P. McMillen & John F. McDonald, 1989. "Selectivity Bias in Urban Land Value Functions," Land Economics, University of Wisconsin Press, vol. 65(4), pages 341-351.
- Miceli, Thomas J & Sirmans, C F, 1995. "The Economics of Land Transfer and Title Insurance," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 81-88, January.
- Hans R. Isakson & Mark D. Ecker, 2001. "An Analysis of the Influence of Location in the Market for Undeveloped Urban Fringe Land," Land Economics, University of Wisconsin Press, vol. 77(1), pages 30-41.
- Munneke, Henry J., 1996. "Redevelopment Decisions for Commercial and Industrial Properties," Journal of Urban Economics, Elsevier, vol. 39(2), pages 229-253, March.
- Thomas J Miceli & C. F Sirmans & Geoffrey K Turnbull, 2003. "Land Ownership Risk and Urban Development," Journal of Regional Science, Wiley Blackwell, vol. 43(1), pages 73-94.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.