Time-Limited Property Rights and Investment Incentives
AbstractAlthough 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 imperfect information. In so doing, the analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law. Copyright Springer Science + Business Media, Inc. 2005
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Bibliographic InfoArticle provided by Springer in its journal The Journal of Real Estate Finance and Economics.
Volume (Year): 31 (2005)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=102945
investment incentives; property rights; time limits;
Other versions of this item:
- Thomas J. Miceli & C. F. Sirmans, 2003. "Time-Limited Property Rights and Investment Incentives," Working papers 2003-39, University of Connecticut, Department of Economics.
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