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The Choice of Titling System in Land

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  • Arrunada, Benito
  • Garoupa, Nuno

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 to land under private titling and the two existing public titling systems, recording and registration. When the reduction in the expected costs of forfeiture balances the higher cost of initial registration, a registration system is more efficient than a recording system. Implications for title assurance, land improvements, and transactions are also considered.

Suggested Citation

  • Arrunada, Benito & Garoupa, Nuno, 2005. "The Choice of Titling System in Land," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 709-727, October.
    • Handle: RePEc:ucp:jlawec:y:2005:v:48:i:2:p:709-27
    DOI: 10.1086/430493
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    Cited by:

    1. Benito Arruñada & Marco Fabbri & Michael Faure, 2022. "Land Titling and Litigation," Journal of Law and Economics, University of Chicago Press, vol. 65(1), pages 131-156.
    2. Antony Dnes & Dean Lueck, 2009. "Asymmetric Information and the Law of Servitudes Governing Land," The Journal of Legal Studies, University of Chicago Press, vol. 38(1), pages 89-120, January.
    3. Brousseau, Eric & Garrouste, Pierre & Raynaud, Emmanuel, 2011. "Institutional changes: Alternative theories and consequences for institutional design," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 3-19, June.
    4. Galiani Sebastian & Schargrodsky Ernesto, 2016. "The Deregularization of Land Titles," Man and the Economy, De Gruyter, vol. 3(2), pages 169-188, December.
    5. Yanlong Zhang, 2021. "The Demsetz’s Evolutionary Theory of Property Rights as Applied to Rural Land of China: A Supplement," Land, MDPI, vol. 10(9), pages 1-15, August.
    6. Sebastian Galiani & Ernesto Schargrodsky, 2011. "Land Property Rights and Resource Allocation," Journal of Law and Economics, University of Chicago Press, vol. 54(S4), pages 329-345.
    7. Krul, Kees & Ho, Peter & Yang, Xiuyun, 2021. "Land titling as a conflict remedy or driver? Analyzing institutional outcomes through latent and manifest conflicts in China’s forest sector," Land Use Policy, Elsevier, vol. 100(C).
    8. Thomas A. Hemphill, 2019. "The title insurance industry: infusing innovation and competition," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 54(3), pages 177-181, July.
    9. Rok Spruk & Mitja Kovac, 2018. "Inefficient Growth," Review of Economics and Institutions, Università di Perugia, vol. 9(2).
    10. Emery, Thomas & Mélon, Lela & Spruk, Rok, 2023. "Does e-procurement matter for economic growth? Subnational evidence from Australia," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 318-334.
    11. Bertrand Crettez & Marie Obidzinski, 2021. "The Choice of Titling System in Land and the Blockchain," Working Papers hal-04034974, HAL.
    12. Rok Spruk & Mitja Kovac, 2019. "Transaction costs and economic growth under common legal system: State‐level evidence from Mexico," Economics and Politics, Wiley Blackwell, vol. 31(2), pages 240-292, July.
    13. Arruñada, Benito, 2018. "Evolving practice in land demarcation," Land Use Policy, Elsevier, vol. 77(C), pages 661-675.
    14. Benito Arruñada, 2007. "Market and institutional determinants in the regulation of conveyancers," European Journal of Law and Economics, Springer, vol. 23(2), pages 93-116, April.
    15. Benito Arruñada, 2009. "Property titling and conveyancing," Economics Working Papers 1177, Department of Economics and Business, Universitat Pompeu Fabra.
    16. You, Heyuan & Zhang, Jinrong & Song, Yan, 2022. "Assessing conflict of farmland institutions using credibility theory: Implications for socially acceptable land use," Land Use Policy, Elsevier, vol. 112(C).
    17. 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.
    18. Shewakena Aytenfisu Abab & Feyera Senbeta Wakjira & Tamirat Tefera Negash, 2022. "Factors Influencing the Formalization of Rural Land Transactions in Ethiopia: A Theory of Planned Behavior Approach," Land, MDPI, vol. 11(5), pages 1-26, April.
    19. Deininger, Klaus & Jin, Songqing, 2009. "Securing property rights in transition: Lessons from implementation of China's rural land contracting law," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 22-38, May.
    20. PROSKUROVSKA Anetta & DÖRRY Sabine, 2018. "Is a Blockchain-based conveyance system the next step in the financialisation of housing? The case of Sweden," LISER Working Paper Series 2018-17, Luxembourg Institute of Socio-Economic Research (LISER).
    21. Fabbri, Marco, 2021. "Property rights and prosocial behavior: Evidence from a land tenure reform implemented as randomized control-trial," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 552-566.
    22. Laura Jaitman, 2015. "Urban infrastructure in Latin America and the Caribbean: public policy priorities," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 24(1), pages 1-57, December.

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    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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