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 InfoPaper provided by Research on Innovation in its series Working Papers with number 0902.
Date of creation: 2009
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property; markets; externalities; regulation;
Other versions of this item:
- Bessen James, 2009. "Evaluating the Economic Performance of Property Systems," Review of Law & Economics, De Gruyter, vol. 5(3), pages 1037-1061, December.
- 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 Bessen, 2010.
"Communicating Technical Knowledge,"
1001, Research on Innovation.
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