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Exclusion versus Governance: Two Strategies for Delineating Property Rights

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  • Smith, Henry E

Abstract

The delineation of property rights can follow two strategies that form the poles of a spectrum. In the exclusion strategy, rough proxies for use allow further individuation of use to be delegated to an owner. In the governance strategy, resource use is measured in terms of individual activities. Each strategy has its own characteristic cost structure. This theory, which is based on proxy measurement, refines the Demsetz thesis to allow for increased use of governance as well as exclusion. The theory also provides testable implications about the direction of expected change in exclusion and governance regimes and shifts among them. The proxy-measurement theory is contrasted with an account that is based on rising resource values inducing more incursion and hence lower exclusion. A primary illustrative application is the rise of the open-field system in England and the Demsetzian puzzle of the open fields both arising from and giving way to more exclusive ownership of parcels. Copyright 2002 by the University of Chicago.

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  • Smith, Henry E, 2002. "Exclusion versus Governance: Two Strategies for Delineating Property Rights," The Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 453-487, June.
    • Handle: RePEc:ucp:jlstud:v:31:y:2002:i:2:p:s453-87
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    Cited by:

    1. Garrouste, Pierre, 2008. "The Handbook of New Institutional Economics, C. Ménard, M.M. Shirley (Eds.), Springer, Dordrecht, The Netherlands. 2005, 884Â +Â xi pp., $199.00, index, ISBN: 10 1-4020-2687-0," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 532-536, August.
    2. Brian Lee & Henry Smith, 2012. "The nature of Coasean property," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 145-155, July.
    3. Lueck, Dean & Miceli, Thomas J., 2007. "Property Law," Handbook of Law and Economics, in: A. Mitchell Polinsky & Steven Shavell (ed.), Handbook of Law and Economics, edition 1, volume 1, chapter 3, pages 183-257, Elsevier.
      • Dean Lueck & Thomas J. Miceli, 2004. "Property Law," Working papers 2004-04, University of Connecticut, Department of Economics.
    4. J. Amegashie, 2011. "Incomplete property rights and overinvestment," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 37(1), pages 81-95, June.
    5. Benito Arruñada, 2012. "Property as an economic concept: reconciling legal and economic conceptions of property rights in a Coasean framework," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 121-144, July.
    6. 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.
    7. James Rycroft & John M. Luiz, 2018. "Homelessness, Property Rights, and Institutional Logics," Working Papers 750, Economic Research Southern Africa.
    8. Thomas W. Hazlett, 2008. "Optimal Abolition of FCC Spectrum Allocation," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 103-128, Winter.
    9. Lee J. Alston & Edwyna Harris & Bernardo Mueller, 2009. "De Facto and De Jure Property Rights: Land Settlement and Land Conflict on the Australian, Brazilian and U.S. Frontiers," NBER Working Papers 15264, National Bureau of Economic Research, Inc.
    10. Henry E. Smith, 2011. "Property Is Not Just a Bundle of Rights," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 279-291, September.
    11. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    12. Larissa Katz, 2011. "The Regulative Function of Property Rights," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 236-246, September.
    13. Martin Rode, 2022. "The institutional foundations of surf break governance in Atlantic Europe," Public Choice, Springer, vol. 190(1), pages 175-204, January.
    14. Chris Garbers & Guangling Dave Liu, 2017. "Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes," Working Papers 719, Economic Research Southern Africa.
    15. Wim van de Griendt, 2004. "A law & economics approach to the study of integrated management regimes of estuaries," Law and Economics 0408002, University Library of Munich, Germany.
    16. Adam Mossoff, 2011. "The False Promise of the Right to Exclude," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 255-264, September.
    17. Amegashie, J.A., 2002. "Incomplete Property Rights and the Optimal Value of an Asset," Working Papers 2002-16, University of Guelph, Department of Economics and Finance.
    18. Henry E. Smith, 2019. "Complexity and the Cathedral: making law and economics more Calabresian," European Journal of Law and Economics, Springer, vol. 48(1), pages 43-63, August.
    19. Bertacchini, Enrico & Grazzini, Jakob & Vallino, Elena, 2013. "Emergence and Evolution of Property Rights: an Agent Based Perspective," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201340, University of Turin.
    20. Bernardo Mueller & Lee Alston & Edwyna Harris, 2011. "De Facto And De Jure Property Rights:Land Settlement And Land Conflict On The Brazilian Frontier In The 19thcentury," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 060, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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