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Property Rights by Squatting: Land Ownership Risk and Adverse Possession Statutes

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Author Info
Matthew Baker
Thomas Miceli
C. F. Sirmans
Geoffrey K. Turnbull

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Abstract

A fundamental aspect of private property is the right to exclude trespassers or squatters. Nonetheless, in all 50 states a trespasser can acquire ownership by continuously occupying a parcel of land until the statutorily set period of limitations runs out. Although these adverse possession statutes appear to weaken property rights, this paper explains how such limits are valuable to property owners by balancing the risk of claims from past legitimate owners against the cost of expelling future trespassers or squatters. The empirical analysis using data from 46 states provides evidence that is consistent with the theory.

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File URL: http://le.uwpress.org/cgi/reprint/77/3/360
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Publisher Info
Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 77 (2001)
Issue (Month): 3 ()
Pages: 360-370
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Handle: RePEc:uwp:landec:v:77:y:2001:i:3:p:360-370

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Find related papers by JEL classification:
K11 - Law and Economics - - Basic Areas of Law - - - Property Law
Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation

Cited by:
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  1. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 357-395, December. [Downloadable!] (restricted)
  2. 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. [Downloadable!]
  3. Thomas J. Miceli & C. F. Sirmans, 2003. "Time-Limited Property Rights and Investment Incentives," Working papers 2003-39, University of Connecticut, Department of Economics. [Downloadable!]
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  4. Matthew J. Baker & Thomas J. Miceli & C. F. Sirmans, 2006. "An Economic Theory of Mortgage Redemption Laws," Working papers 2006-25, University of Connecticut, Department of Economics. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-22.

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