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The determination of the “true” property boundary in planned development: a Coasian analysis

Author

Listed:
  • Lawrence W. C. Lai

    (University of Hong Kong
    University of Hong Kong)

  • Stephen N. G. Davies

    (University of Hong Kong)

  • K. W. Chau

    (University of Hong Kong
    University of Hong Kong)

  • Ken S. T. Ching

    (University of Hong Kong)

  • Mark H. Chua

    (University of Hong Kong)

  • H. F. Leung

    (University of Hong Kong)

  • Frank T. Lorne

    (University of Hong Kong
    University of Hong Kong)

Abstract

This interdisciplinary paper, informed by research and practices in neo-institutional economics, property law and land surveying, is an exploratory account of the boundary as (a) the ontological foundation of private property in land and boundary dispute resolution, and (b) as a pre-contractual condition of any Coasian exchange of rights for planned urban development and space-relevant innovations. Under conditions of positive transaction costs according to the third Coase Theorem, with the help of real-life examples, the paper explains the choice of using the courts, instead of the market, as a means of resolving disputes over land boundaries. It does so in terms of two land surveying and three economic reasons. The surveying reasons are historical and cartographical. The economics reasons relate to the price level of land, the transaction costs of enforcing dispute resolutions and the externalities of land boundary determination.

Suggested Citation

  • Lawrence W. C. Lai & Stephen N. G. Davies & K. W. Chau & Ken S. T. Ching & Mark H. Chua & H. F. Leung & Frank T. Lorne, 2018. "The determination of the “true” property boundary in planned development: a Coasian analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 61(3), pages 579-599, November.
    • Handle: RePEc:spr:anresc:v:61:y:2018:i:3:d:10.1007_s00168-018-0871-8
    DOI: 10.1007/s00168-018-0871-8
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    References listed on IDEAS

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    1. Ben Yu & Daigee Shaw & Tsu-Tan Fu & Lawrence Lai, 2000. "Property rights and contractual approach to sustainable development," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 3(3), pages 291-309, September.
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    3. Eicher, Theo & García-Peñalosa, Cecilia, 2008. "Endogenous strength of intellectual property rights: Implications for economic development and growth," European Economic Review, Elsevier, vol. 52(2), pages 237-258, February.
    4. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    5. Nicholas Blomley, 2008. "Simplification is Complicated: Property, Nature, and the Rivers of Law," Environment and Planning A, , vol. 40(8), pages 1825-1842, August.
    6. Eran Razin, 1998. "Policies to Control Urban Sprawl: Planning Regulations or Changes in the 'Rules of the Game'?," Urban Studies, Urban Studies Journal Limited, vol. 35(2), pages 321-340, February.
    7. Katherine V. Gough & Paul W. K. Yankson, 2000. "Land Markets in African Cities: The Case of Peri-urban Accra, Ghana," Urban Studies, Urban Studies Journal Limited, vol. 37(13), pages 2485-2500, December.
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    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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