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Evaluating the Economic Performance of Property Systems

Listed author(s):
  • Bessen James

    (Boston University School of Law)

How 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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Article provided by De Gruyter in its journal Review of Law & Economics.

Volume (Year): 5 (2009)
Issue (Month): 3 (December)
Pages: 1037-1061

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Handle: RePEc:bpj:rlecon:v:5:y:2009:i:3:n:4
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  3. Schulz, Norbert & Parisi, Francesco & Depoorter, Ben, 2001. "Fragmentation in property: Towards a general model," W.E.P. - Würzburg Economic Papers 32, University of Würzburg, Chair for Monetary Policy and International Economics.
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  16. Cohen, Wesley M. & Goto, Akira & Nagata, Akiya & Nelson, Richard R. & Walsh, John P., 2002. "R&D spillovers, patents and the incentives to innovate in Japan and the United States," Research Policy, Elsevier, vol. 31(8-9), pages 1349-1367, December.
  17. Crampes, Claude & Langinier, Corinne, 2002. "Litigation and Settlement in Patent Infringement Cases," Staff General Research Papers Archive 5231, Iowa State University, Department of Economics.
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