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Property Law

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  • Dean Lueck

    (University of Arizona)

  • Thomas J. Miceli

    (University of Connecticut)

Abstract

This chapter examines the economics of property rights and property law. Property law is a fundamental part of social organization and is also fundamental to the operation of the economy because it defines and protects the bundle of rights that constitute property. Property law thereby creates incentives to protect and invest in assets and establishes a legal framework within which market exchange of assets can take place. The purpose of this chapter is to show how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter will both examine the rationale for legal doctrine and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It will also examine various property rights regimes including open access, private ownership, common property and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced?

Suggested Citation

  • Dean Lueck & Thomas J. Miceli, 2004. "Property Law," Working papers 2004-04, University of Connecticut, Department of Economics.
  • Handle: RePEc:uct:uconnp:2004-04
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    Cited by:

    1. Benito Arruñada, 2012. "Property as an economic concept: reconciling legal and economic conceptions of property rights in a Coasean framework," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 121-144, July.
    2. Antonio Nicita & Matteo Rizzolli, 2012. "Hold-up and externality: the firm as a nexus of incomplete rights?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 157-174, July.
    3. Bhattacharya, Haimanti & Lueck, Dean, 2009. "The role of property rights in determining the environmental quality-income relationship," Ecological Economics, Elsevier, vol. 68(10), pages 2511-2524, August.
    4. de Vries, J. Pierre & Sieh, Kaleb A., 2012. "Reception-oriented radio rights: Increasing the value of wireless by explicitly defining and delegating radio operating rights," Telecommunications Policy, Elsevier, vol. 36(7), pages 522-530.
    5. Gindis, David & Hodgson, Geoffrey M. & Huang, Kainan & Pistor, Katharina, 2017. "Legal institutionalism: Capitalism and the constitutive role of lawAuthor-Name: Deakin, Simon," Journal of Comparative Economics, Elsevier, vol. 45(1), pages 188-200.
    6. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
    7. Cave, Martin & Webb, William, 2012. "The unfinished history of usage rights for spectrum," Telecommunications Policy, Elsevier, vol. 36(4), pages 293-300.

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    More about this item

    Keywords

    Property Rights; Ownership; Transaction costs; Externality;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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