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Property Enforcement as Organized Consent

Author

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  • Benito ArruÒada

Abstract

This article develops and tests a theory of the institutions that make property rights viable, ensuring their enforcement, mobilizing the collateral value of assets, and promoting growth. In contrast to contractual rights, property rights are enforced in rem , being affected only with the consent of the right holder. This ensures enforcement but is costly when multiple, potentially colliding rights are held in the same asset. Different institutions reduce the cost of gathering consents to overcome this trade-off of enforcement benefits for consent costs: recording of deeds with title insurance, registration of rights, and even a regimen of purely private transactions. All three provide functionally similar services, but their relative performance varies with the number of transactions, the risk of political opportunism, and regulatory consistency. The analysis also shows the rationality of allowing competition in the preparation and support of private contracts while requiring territorial monopoly in recording and registration activities, this to ensure independence and protect third parties. Copyright 2003, Oxford University Press.

Suggested Citation

  • Benito ArruÒada, 2003. "Property Enforcement as Organized Consent," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 19(2), pages 401-444, October.
    • Handle: RePEc:oup:jleorg:v:19:y:2003:i:2:p:401-444
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    Cited by:

    1. Benito Arruñada, 2025. "Markets for public services: Less might be more," Economics Working Papers 1899, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Arruñada, Benito & Hansen, Stephen, 2015. "Organizing public good provision: Lessons from Managerial Accounting," International Review of Law and Economics, Elsevier, vol. 42(C), pages 185-191.
    3. Benito Arruñada, 2016. "Coase and the departure from property," Chapters, in: Claude Ménard & Elodie Bertrand (ed.), The Elgar Companion to Ronald H. Coase, chapter 22, pages 305-319, Edward Elgar Publishing.
    4. Benito Arruñada, 2005. "Managing competition in professional services and the burden of inertia," Economics Working Papers 827, Department of Economics and Business, Universitat Pompeu Fabra.
    5. Benito Arruñada, 2020. "The organization of public registries: A comparative analysis," Economics Working Papers 1695, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2021.
    6. Benito Arruñada, 2023. "The Roman Familia: A View from the Economics of Property," Working Papers 1407, Barcelona School of Economics.
    7. Galiani, Sebastian & Schargrodsky, Ernesto, 2010. "Property rights for the poor: Effects of land titling," Journal of Public Economics, Elsevier, vol. 94(9-10), pages 700-729, October.
    8. Arruñada, Benito, 2016. "How Rome enabled impersonal markets," Explorations in Economic History, Elsevier, vol. 61(C), pages 68-84.
    9. 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.
    10. Arrunada, Benito, 2007. "Pitfalls to avoid when measuring institutions: Is Doing Business damaging business?," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 729-747, December.
    11. Fatema, Naureen, 2019. "Can land title reduce low-intensity interhousehold conflict incidences and associated damages in eastern DRC?," World Development, Elsevier, vol. 123(C), pages 1-1.
    12. Benito Arruñada, 2011. "Mandatory accounting disclosure by small private companies," European Journal of Law and Economics, Springer, vol. 32(3), pages 377-413, December.
    13. Benito Arruñada, 2015. "The institutions of Roman markets," Economics Working Papers 1471, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2019.
    14. Klaus Deininger & Aparajita Goyal, 2025. "Land Policies and Institutions for Equitable and Resilient Growth in Africa," The World Bank Research Observer, World Bank, vol. 40(1), pages 1-57.
    15. Benito Arruñada, 2014. "The titling role of possession," Economics Working Papers 1429, Department of Economics and Business, Universitat Pompeu Fabra.
    16. Benito Arruñada, 2009. "The law of impersonal transactions," Economics Working Papers 1187, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2010.

    More about this item

    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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