Although 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 various sorts of market failure. The analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2003-39.
Length: 14 pages Date of creation: Jul 2003 Date of revision: Handle: RePEc:uct:uconnp:2003-39
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