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Property institutions and the limits of Coase

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  • LUECK, DEAN

Abstract

Coase's (1960) contractual single-exchange framework is challenged by Arruñada (2017) as a framework that cannot be used to understand the complex nature of property law and related institutions. Arruñada proposes the sequential exchange model as an alternative framework. Differences between the two approaches are considered and some applications in land and natural resources are used to evaluate his critique. These cases support Arruñada's critique of the simple contracting approach to property, showing that for many natural resources private contracting has not been the solution and that a mix of property institutions govern. Contrary to Arruñada, however, I argue that the limits of the single-exchange framework arise not because of sequential exchange, but because assets (parcels of land) are complex and physically connected.

Suggested Citation

  • Lueck, Dean, 2017. "Property institutions and the limits of Coase," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 793-800, December.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:04:p:793-800_00
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    Cited by:

    1. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    2. Arruã‘Ada, Benito, 2017. "How should we model property? Thinking with my critics," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 815-827, December.
    3. Arruñada, Benito, 2018. "Evolving practice in land demarcation," Land Use Policy, Elsevier, vol. 77(C), pages 661-675.

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