scholarly journals How should we model property? Thinking with my critics

2017 ◽  
Vol 13 (4) ◽  
pp. 815-827 ◽  
Author(s):  
BENITO ARRUÑADA
Keyword(s):  
Property Rights ◽  
Transaction Costs ◽  
Main Argument ◽  
Model Property ◽  
Private Ordering ◽  
Single Exchange ◽  
Private And Public ◽  
Definition Of ◽  
Physical Dimensions

AbstractInspired by comments made by Allen (2017), Lueck (2017), Ménard (2017) and Smith (2017), this response clarifies and deepens the analysis in Arruñada (2017a). Its main argument is that to deal with the complexity of property we must abstract secondary elements, such as the physical dimensions of some types of assets, and focus on the interaction between transactions. This sequential-exchange framework captures the main problem of property in the current environment of impersonal markets. It also provides criteria to compare private and public ordering, as well as to organize public solutions that enable new forms of private ordering. The analysis applies the lessons in Coase (1960) to property by not only comparing realities but also maintaining his separate definition of property rights and transaction costs. However, it replaces his contractual, single-exchange, framework for one in which contracts interact, causing exchange externalities.

scholarly journals The Coase theorem: coherent, logical, and not disproved

2014 ◽  
Vol 11 (2) ◽  
pp. 379-390 ◽  
Author(s):  
DOUGLAS W. ALLEN
Keyword(s):  
Property Rights ◽  
Transaction Costs ◽  
Coase Theorem ◽  
The Other ◽  
Long Line ◽  
Adequate Definition ◽  
Definition Of

Abstract:There exists a long line of challengers to the ‘Coase Theorem’. All of these rest on fundamental misconceptions of property rights, transaction costs, and their interaction. Here I examine two attacks that have gone unchallenged: one by Halpin, the other by Usher. I argue that both, in failing to either use or understand an adequate definition of transaction costs, fail to deliver a fatal blow to Coase's famous idea.

scholarly journals Property as sequential exchange: the forgotten limits of private contract

2017 ◽  
Vol 13 (4) ◽  
pp. 753-783 ◽  
Author(s):  
BENITO ARRUÑADA
Keyword(s):  
Property Rights ◽  
Economic Value ◽  
Legal Rights ◽  
Implicit Assumption ◽  
Initial Allocation ◽  
Private Ordering ◽  
Land Titling ◽  
Single Exchange ◽  
Scant Attention ◽  
Property Markets

AbstractThe contractual, single-exchange framework in Coase (1960) contains the implicit assumption that exchange in property rights does not affect future transaction (i.e., trading) costs. This is pertinent for analyzing use externalities but limits our understanding of property institutions: A central problem of property markets lies in the interaction among multiple transactions, which causes exchange-related and non-contractible externalities. By retaining a single-exchange simplification, the economic analysis of property has encouraged views that: overemphasize the initial allocation of property rights, while some form of recurrent allocation is often needed; pay scant attention to legal rights, although these determine enforceability and, therefore, economic value; and overestimate the power of unregulated private ordering, despite its inability to protect third parties. These three biases have been a misleading policy in many areas, including land titling and business firm formalization.

scholarly journals Property as sequential exchange: definition and language issues

2017 ◽  
Vol 13 (4) ◽  
pp. 785-792 ◽  
Author(s):  
DOUGLAS W. ALLEN
Keyword(s):  
Property Rights ◽  
Transaction Costs ◽  
Transaction Cost ◽  
Legal Institutions ◽  
State Involvement ◽  
Definition Of ◽  
Language Issues

AbstractBenito Arrunãda's paper on the transaction cost problems involved with land, provides an excellent explanation of land legal institutions. This explanation revolves around the fact that land exists through time, and that various exchanges made with respect to land at one time affect exchanges in other times. Arrunãda refers to this as ‘sequential exchange’, and he argues that sequential exchange provides the explanation for state involvement in titling and the default nature of in rem rights. Unfortunately, Arrunãda frames his argument with an inappropriate notion of transaction costs. This creates a confusing language, and a faulty interpretation of Coasean logic. Reframing the first sections of his paper using the ‘property rights’ definition of transaction costs brings brevity and clarity to the ultimate point he is trying to make.

scholarly journals The Place of Absolute Civil Rights in the System of Legal Regulation of Relations in Merchant Shipping

Lex Russica ◽  
2021 ◽  
pp. 18-31
Author(s):  
S. V. Ochkurenko
Keyword(s):  
Civil Rights ◽  
Property Rights ◽  
Russian Federation ◽  
Legal Regulation ◽  
Legal Norms ◽  
The Status ◽  
Private And Public ◽  
The Russian Federation ◽  
Merchant Shipping ◽  
Definition Of

The paper is devoted to the analysis of the place of absolute civil rights in the system of legal regulation of relations in merchant shipping. The main objectives of the study are to identify the role and general legal features of absolute civil rights exercised in the field of merchant shipping, as well as the search for optimal directions of improvement of civil legislation regulating the relevant relations.The paper characterizes the interaction between absolute and relative rights in the process of regulating relations in merchant shipping. It is established that property rights, due to their absolute nature, constitute the legal basis for the formation of legally binding relations under private and public law. In turn, the content of property rights is actively affected by public goals and tasks of legal regulation of relations arising in merchant shipping. For example, the extension of the status of an immovable property to a marine vessel is preconditioned due to the tasks of ensuring public policy in the field of commercial navigation. The author highlights the main material objects of property rights. Particular attention is paid to the peculiarities of the property law regime applied to the sea vessel and the objectives of establishing these peculiarities. The author summerizes the main normative and doctrinal approaches to the definition of the concept of a “vessel” and substantiates the necessity of a single normative consolidation of this concept in the legislation of the Russian Federation and international law instruments.The author differentiates between absolute and relative relations in the field of commercial navigation. The author substantiates the property and legal nature of the relationship arising with regard to sea vessel possession when the vessel is leased out, as well as possession of the cargo on board of the vessel. The author makes proposals concerning inclusion in the Civil Code of the Russian Federation of certain provisions on possession of a thing, as well as proposals on the development of special legal norms governing limited property rights to objects of merchant shipping.

scholarly journals FORMS OF MANAGEMENT IN AGRICULTURE IN UZBEKISTAN: SCIENTIFIC AND THEORETICAL BASIS OF ITS EFFECTIVENESS

2013 ◽  
Vol 1 ◽  
pp. 50-60
Author(s):  
Dilorom Tadjibaeva
Keyword(s):  
Statistical Analysis ◽  
Property Rights ◽  
Institutional Theory ◽  
Transaction Costs ◽  
Theoretical Basis ◽  
Early Years ◽  
Institutional Changes ◽  
Main Role ◽  
Theoretical Point ◽  
Definition Of

During the early years of independence (1990s), agricultural and institutional changes in Uzbekistan were made based on the specific characteristics of our country. During transformation, almost nothing has changed in terms of effectivity in regards to transformation of state farms to collective farms still did not make these farms profitable. Only with the formation of dehkan farms (a form of individual farming) after 2004 did agricultural entities started becoming profitable. How can this be explained? Why are these agricultural forms of management more efficient and coincide with the mentality of our population? In this article, using the neo-institutional theory, we have discussed these questions in an attempt to answer these questions by justifying a theoretical point. This theory shows that major issue property rights and transaction costs play main role in the definition of forms of farms management. Statistical analysis of transaction costs and local specifics resulted in a conclusion that the dehkan farming form has significant advantages.

Implications

2017 ◽  
Author(s):  
Karl Widerquist ◽  
Grant S. McCall
Keyword(s):  
Property Rights ◽  
The State ◽  
Natural Property ◽  
Government Failure ◽  
State Of Nature ◽  
Best Response ◽  
Lockean Proviso ◽  
Definition Of ◽  
Taking Action ◽  
Disadvantaged People

Earlier chapters of this book found that the Hobbesian hypothesis is false; the Lockean proviso is unfulfilled; contemporary states and property rights systems fail to meet the standard that social contract and natural property rights theories require for their justification. This chapter assesses the implications of those findings for the two theories. Section 1 argues that, whether contractarians accept or reject these findings, they need to clarify their argument to remove equivocation. Section 2 invites efforts to refute this book’s empirical findings. Section 3 discusses a response open only to property rights theorists: concede this book’s empirical findings and blame government failure. Section 4 considers the argument that this book misidentifies the state of nature. Section 5 considers a “bracketing strategy,” which admits that observed stateless societies fit the definition of the state of nature, but argues that they are not the relevant forms of statelessness today. Section 6 discusses the implications of accepting both the truth and relevance of the book’s findings, concluding that the best response is to fulfil the Lockean proviso by taking action to improve the lives of disadvantaged people.

Creating and Capturing Value through Crowdsourcing

2018 ◽  
Keyword(s):  
Information Systems ◽  
Systems Biology ◽  
Computer Science ◽  
Open Innovation ◽  
Product Innovation ◽  
Collective Intelligence ◽  
Innovation Management ◽  
Private And Public ◽  
Definition Of ◽  
The Uk

Examples of the value that can be created and captured through crowdsourcing go back to at least 1714, when the UK used crowdsourcing to solve the Longitude Problem, obtaining a solution that would enable the UK to become the dominant maritime force of its time. Today, Wikipedia uses crowds to provide entries for the world’s largest and free encyclopedia. Partly fueled by the value that can be created and captured through crowdsourcing, interest in researching the phenomenon has been remarkable. For example, the Best Paper Awards in 2012 for a record-setting three journals—the Academy of Management Review, Journal of Product Innovation Management, and Academy of Management Perspectives—were about crowdsourcing. In spite of the interest in crowdsourcing—or perhaps because of it—research on the phenomenon has been conducted in different research silos within the fields of management (from strategy to finance to operations to information systems), biology, communications, computer science, economics, political science, among others. In these silos, crowdsourcing takes names such as broadcast search, innovation tournaments, crowdfunding, community innovation, distributed innovation, collective intelligence, open source, crowdpower, and even open innovation. The book aims to assemble papers from as many of these silos as possible since the ultimate potential of crowdsourcing research is likely to be attained only by bridging them. The papers provide a systematic overview of the research on crowdsourcing from different fields based on a more encompassing definition of the concept, its difference for innovation, and its value for both the private and public sectors.

Private and Public Law

2020 ◽  
pp. 574-592
Author(s):  
Thomas W. Merrill
Keyword(s):  
Law And Economics ◽  
Public Law ◽  
Private Law ◽  
General Criterion ◽  
The Public ◽  
Private Ordering ◽  
Public Rights ◽  
Private And Public ◽  
The Relationship ◽  
Derivatives Of

This chapter explores the relationship between private and public law. In civil law countries, the public-private distinction serves as an organizing principle of the entire legal system. In common law jurisdictions, the distinction is at best an implicit design principle and is used primarily as an informal device for categorizing different fields of law. Even if not explicitly recognized as an organizing principle, however, it is plausible that private and public law perform distinct functions. Private law supplies the tools that make private ordering possible—the discretionary decisions that individuals make in structuring their lives. Public law is concerned with providing public goods—broadly defined—that cannot be adequately supplied by private ordering. In the twentieth and twenty-first centuries, various schools of thought derived from utilitarianism have assimilated both private and public rights to the same general criterion of aggregate welfare analysis. This has left judges with no clear conception of the distinction between private and public law. Another problematic feature of modern legal thought is a curious inversion in which scholars who focus on fields of private law have turned increasingly to law and economics, one of the derivatives of utilitarianism, whereas scholars who concern themselves with public law are increasingly drawn to new versions of natural rights thinking, in the form of universal human rights.

The Effects of Transaction Costs, Landlord and Tenant Practices and Property Rights on Foreign Real Estate Investment

2013 ◽  
Vol 7 (3) ◽  
pp. 351-370 ◽  
Author(s):  
Hassan Gholipour Fereidouni ◽  
Usama Al-mulali ◽  
Miswan Abdul Hakim Bin Mohammed
Keyword(s):  
Real Estate ◽  
Property Rights ◽  
Transaction Costs ◽  
Real Estate Investment

PROTECTION OF INTELLECTUAL PROPERTY RIGHTS IN UKRAINE: MODERN REALITIES AND PROSPECTS

2017 ◽  
Author(s):  
Yuliia Tovstohan ◽  
◽  
Serhii Ivanov ◽  
Keyword(s):  
Intellectual Property ◽  
Civil Rights ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Current System ◽  
General Procedure ◽  
Legal Protection ◽  
General Concept ◽  
Scientific Article ◽  
Definition Of

The scientific article examines the modern mechanism of protection of intellectual property rights in Ukraine. Attention is paid to the historically first using of the concept of intellectual property rights in international law and the shortcomings of this definition. The legal definition of this concept contained in the Civil Code of Ukraine is analyzed. It is concluded that the legislative enshrinement of intellectual property rights is evidence of its recognition by the state, and such a right applies to special objects, the list of which is enshrined at both national and international levels. The question of the relationship between the concepts of "protection" and "defense" of civil rights is covered. The main groups of approaches of scientists to the solution of this problem are indicated. An approach that defines "protection" as a general concept for "defense" is supported, where "protection" is a broader concept that covers the term "defense". Emphasis is placed on the fact that although these legal categories are related, they cannot be identified. The main features that distinguish these concepts are listed, and the features of "defense" as an independent concept are highlighted. There are given examples of definition of the concept of protection of intellectual property rights given by scientists. Based on these definitions, the main features of this term are summarized. The issue of forms of protection (jurisdictional and non-jurisdictional) has been studied. The general and special order within the jurisdictional form is distinguished. It is noted about the peculiarities of self-defense as a non-jurisdictional form. The focus is on the judicial (general) procedure for protection of intellectual property rights as the main one. Possible ways of protection (civil, administrative, criminal, and criminal) are analyzed. The problems and shortcomings of the current system of legal protection and protection of intellectual property rights in Ukraine are analyzed. Both reports from international partners and research by Ukrainian scientists were used. The authors outline ways to solve existing problems. The conclusions of the study are formulated and the possibility of further scientific research in this area is indicated.

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