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Property Rights and the State

In: Handbook of New Institutional Economics

Author

Listed:
  • Lee J. Alston
  • Bernardo Mueller

Abstract

Property rights determine the incentives for resource use. Property rights consist of the set of formal and informal rights to use and transfer resources. Property rights range from open access to a fully specified set of private rights. By open access we mean that anyone can use the asset regardless of how their use affects the use of others. A full set of private rights consists of the following: 1) the right to use the asset in any manner that the user wishes, generally with the caveat that such use does not interfere with someone else’s property right; 2) the right to exclude others from the use of the same asset; 3) the right to derive income from the asset; 4) the right to sell the asset; and 5) the right to bequeath the asset to someone of your choice. In between open access and private property rights are a host of commons arrangements. Commons arrangements differ from open access in several respects. Under a commons arrangement only a select group is allowed access to the asset and the use rights of individuals using the asset may be circumscribed. For example, a societal group, e.g., a village, tribe or homeowner’s association, may allow its members to place cattle in a common pasture but limit the number of cattle that any member may put on the commons.
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Suggested Citation

  • Lee J. Alston & Bernardo Mueller, 2005. "Property Rights and the State," Springer Books, in: Claude Menard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 22, pages 573-590, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25092-2_23
    DOI: 10.1007/0-387-25092-1_23
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    Cited by:

    1. Klümper, Frederike & Theesfeld, Insa & Herzfeld, Thomas, 2018. "Discrepancies between paper and practice in policy implementation: Tajikistan’s property rights and customary claims to land and water," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 75, pages 327-339.
    2. Raquel Fernández-González & Andrés Suárez-García & Miguel Ángel Álvarez Feijoo & Elena Arce & Montserrat Díez-Mediavilla, 2020. "Spanish Photovoltaic Solar Energy: Institutional Change, Financial Effects, and the Business Sector," Sustainability, MDPI, vol. 12(5), pages 1-18, March.
    3. Daniel Diermeier & Georgy Egorov & Konstantin Sonin, 2017. "Political Economy of Redistribution," Econometrica, Econometric Society, vol. 85, pages 851-870, May.
    4. Goyal, Yugank & Choudhury, Pranab Ranjan & Ghosh, Ranjan Kumar, 2022. "Informal land leasing in rural India persists because it is credible," Land Use Policy, Elsevier, vol. 120(C).
    5. Fábio Henrique Granja e Barros & Bernardo Mueller & Jorge Madeira Nogueira, 2007. "Crescimento Econômico E Meio Ambiente: O Que Está Faltando Para Entender O Elo Entre Eles?," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 100, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    6. Niquidet, Kurt, 2008. "Revitalized? An event study of forest policy reform in British Columbia," Journal of Forest Economics, Elsevier, vol. 14(4), pages 227-241, November.
    7. Pacheco, Desirée F. & Dean, Thomas J. & Payne, David S., 2010. "Escaping the green prison: Entrepreneurship and the creation of opportunities for sustainable development," Journal of Business Venturing, Elsevier, vol. 25(5), pages 464-480, September.
    8. Bartosz Bartkowski & Bernd Hansjürgens & Stefan Möckel & Stephan Bartke, 2018. "Institutional Economics of Agricultural Soil Ecosystem Services," Sustainability, MDPI, vol. 10(7), pages 1-14, July.

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