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The Choice of Titling System in Land

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Author Info
Benito Arruñada ()
Nuno Garoupa

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Abstract

This paper analyzes the choice of the socially optimal titling system assuming rational individual choices about recording, assurance and registration decisions. It focuses on the enforcement of property rights on land under private titling and the two existing public titling systems, recording and registration. When the reduction in the expected costs of eviction compensates the higher cost of initial registration, it is more efficient to introduce a registration system rather than a recording system. The development of private "title assurance" improves the standing of recording as compared to registration. This improvement depends, however, on the efficiency of the assurance technology and, also, on corrective taxation that is needed to align individual optimization, which disregards the transfer element in eviction, with social objectives.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/607.pdf
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 607.

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Date of creation: Mar 2001
Date of revision: Dec 2004
Handle: RePEc:upf:upfgen:607

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Web page: http://www.econ.upf.edu/

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Related research
Keywords: Land transfer; registration; property rights; title assurance; insurance;

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Find related papers by JEL classification:
K11 - Law and Economics - - Basic Areas of Law - - - Property Law
K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Anderson, Terry L & Lueck, Dean, 1992. "Land Tenure and Agricultural Productivity on Indian Reservations," Journal of Law & Economics, University of Chicago Press, vol. 35(2), pages 427-54, October.
  2. Feder, Gershon & Feeny, David, 1991. "Land Tenure and Property Rights: Theory and Implications for Development Policy," World Bank Economic Review, Oxford University Press, vol. 5(1), pages 135-53, January.
  3. Buchanan, James M & Yoon, Yong J, 2000. "Symmetric Tragedies: Commons and Anticommons," Journal of Law & Economics, University of Chicago Press, vol. 43(1), pages 1-13, April.
  4. Thomas Miceli & C.F. Sirmans & Geoffrey Turnbull, 1998. "Title Assurance and Incentives for Efficient Land Use," European Journal of Law and Economics, Springer, vol. 6(3), pages 305-323, November. [Downloadable!] (restricted)
  5. Roland Kirstein, 2000. "Risk Neutrality and Strategic Insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan Journals, vol. 25(2), pages 251-261, April. [Downloadable!] (restricted)
  6. Miceli, Thomas J. & Sirmans, C. F. & Turnbull, Geoffrey K., 2000. "The Dynamic Effects of Land Title Systems," Journal of Urban Economics, Elsevier, vol. 47(3), pages 370-389, May. [Downloadable!] (restricted)
  7. Miceli, Thomas J & Sirmans, C F, 1995. "The Economics of Land Transfer and Title Insurance," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 81-88, January.
  8. Miceli, Thomas J, et al, 2002. "Title Systems and Land Values," Journal of Law & Economics, University of Chicago Press, vol. 45(2), pages 565-82, October.
  9. Lee J. Alston & Gary D. Libecap & Robert Schneider, 1996. "The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier," NBER Working Papers 5405, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Deininger, Klaus & Jin, Songqing, 2006. "Securing property rights in transition: Lessons from implementation of China's rural land contracting law," 2006 Annual meeting, July 23-26, Long Beach, CA 21465, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  2. Benito Arruñada, 2007. "Market and Institutional Determinants in the Regulation of Conveyancers," Economics Working Papers 1034, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
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