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 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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Bibliographic InfoPaper 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:
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Other versions of this item:
- Thomas Miceli & C. Sirmans, 2005. "Time-Limited Property Rights and Investment Incentives," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 405-412, December.
- NEP-LAM-2003-10-05 (Central & South America)
- NEP-TID-2003-10-05 (Technology & Industrial Dynamics)
- NEP-URE-2003-10-05 (Urban & Real Estate Economics)
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- Geoffrey Turnbull, 2005. "Introduction: The Dynamic Perspective in Urban Land Use Policy," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 351-355, December.
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