Property as an economic concept: Reconciling legal and economic conceptions of property rights in a Coasean framework

International Review of Economics

Volumn 59, Issue 2, 2012, Pages 121-144

  Arruñada, Benito ^a  

^a UNIVERSITAT POMPEU FABRA   (Spain)

Author keywords

Enforcement; Property rights; Registries; Transaction costs

Indexed keywords

EID: 84864147145     PISSN: 18651704     EISSN: 18634613     Source Type: Journal    
DOI: 10.1007/s12232-012-0150-4     Document Type: Article

References (73)

1. Acemoglu D, Johnson S, Robinson J (2001) The colonial origins of comparative development: an empirical investigation. Am Econ Rev 91: 1369-1401.
2. Akerlof GA (1970) The market for 'lemons': quality uncertainty and the market mechanism. Quart J Econ 84: 488-500.
3. Allen DW (1991) Homesteading and property rights; or, 'How the West Was Really Won'. J Law Econ 34: 1-23.
4. Allen DW, Lueck D (2003) The nature of the farm: contracts, risk and organization in agriculture. MIT Press, Cambridge, MA.
5. Alston LJ, Libecap GD, Mueller B (1999) Titles, conflict and land use: the development of property rights and land reform on the Brazilian frontier. University of Michigan Press, Ann Arbor, MI.
6. Anderson TL, Hill PJ (1975) The evolution of property rights: a study of the American West. J Law Econ 18: 163-180.
7. Anderson TL, Hill PJ (1990) The race for property rights. J Law Econ 33: 177-197.
8. Arruñada B (2010) Protestants and catholics: similar work ethic, different social ethic. Econ J 120: 890-918.
9. Arruñada B (2012) Institutional foundations of impersonal exchange: theory and policy of contractual registries. University of Chicago Press, Chicago.
10. Arruñada B, Vázquez XH (2006) When your contract manufacturer becomes your competitor. Harvard Business Review 84: 135-145.
11. Baird DG, Jackson TH (1984) Information, uncertainty, and the transfer of property. J Leg Stud 13: 299-320.
12. Barzel Y (1982) Measurement cost and the organization of markets. J Law Econ Organ 25: 27-48.
13. Barzel Y (1997) Economic analysis of property rights, 2nd edn. (1st edn, 1989). Cambridge University Press, Cambridge.
14. Calabresi G, Melamed AD (1972) Property rules, liability rules, and inalienability: one view of the cathedral. Harvard Law Rev 85: 1089-1128.
15. Cheung SNS (1969) The theory of share tenancy. University of Chicago Press, Chicago.
16. Chong AE, Calderón CA (2000) Causality and feedback between institutional measures and economic growth. Econ Polit 12: 69-81.
17. Coase RH (1960) The problem of social cost. J Law Econ 3: 1-44.
18. Demsetz H (1967) Toward a theory of property rights. Am Econ Rev 57: 347-359.
19. Dnes AW, Lueck D (2009) Asymmetric information and the law of servitudes governing land. J Leg Stud 38: 89-120.
20. Epstein R (1985) Why restrain alienation? Columbia Law Rev 85: 970-990.
21. Epstein RA (1987) Inducement of breach of contract as a problem of ostensible ownership. J Leg Stud 16: 1-41.
22. Granovetter M (1985) Economic action and social structure: the problem of embeddedness. Am J Sociol 91: 481-510.
23. Greif A (2002) Institutional foundations of impersonal exchange: from communal to individual responsibility. J Inst Theor Econ 158: 168-204.
24. Greif A (2004) Impersonal exchange without impartial law: the community responsibility system. Chic J Int Law 5: 109-138.
25. Greif A (2006a) The birth of impersonal exchange: the community responsibility system and impartial justice. J Econ Perspect 20: 221-236.
26. Greif A (2006b) Institutions and the path to the modern economy. Cambridge University Press, New York.
27. Grossman SJ, Hart O (1986) The costs and benefits of ownership: a theory of lateral and vertical integration. J Polit Econ 94: 691-719.
28. Hansmann H, Kraakman R (2002) Property, contract, and verification: the numerus clausus problem and the divisibility of rights. J Leg Stud 31: S373-S420.
29. Heller MA (1999) The boundaries of private property. Yale Law J 108: 1163-1223.
30. Hermalin BE, Katz AW, Craswell R (2007) Contract law. In: Polinsky AM, Shavell S (eds) Handbook of law and economics, vol 1. Elsevier, Amsterdam, pp 3-138.
31. Kaplow L, Shavell S (1996) Property rules versus liability rules: an economic analysis. Harvard Law Rev 109: 713-790.
32. Klein B, Leffler KB (1981) The role of market forces in assuring contractual performance. J Polit Econ 89: 615-641.
33. Knack S, Keefer P (1995) Institutions and economic performance: cross-country tests using alternative institutional measures. Econ Polit 1: 207-228.
34. Levmore S (1987) Variety and uniformity in the treatment of the good-faith purchaser. J Leg Stud 16: 43-65.
35. Libecap GD (1978) Economic variables and the development of the law: the case of western mineral rights. J Econ Hist 38: 338-362.
36. Libecap GD (1989) Contracting for property rights. Cambridge University Press, New York.
37. Libecap GD, Lueck D (2011a) Land demarcation systems. In: Ayotte K, Smith HE (eds) Research handbook on the economics of property law. Edward Elgar, Cheltenham, pp 257-295.
38. Libecap GD, Lueck D (2011b) The demarcation of land and the role of coordinating property institutions. J Polit Econ 119: 426-467.
39. Lueck D (1995) The rule of first possession and the design of the law. J Law Econ 38: 393-436.
40. Lueck D, Miceli TJ (2007) Property law. In: Polinsky AM, Shavell S (eds) Handbook of law and economics, vol 1. Elsevier, Amsterdam, pp 183-257.
41. Macaulay S (1963) Non-contractual relations in business: a preliminary study. Am Sociol Rev 28: 55-70.
42. Medina B (2003) Augmenting the value of ownership by protecting it only partially: the 'market-overt' rule revisited. J Law Econ Organ 19: 343-372.
43. Merrill TW, Smith HE (2000) Optimal standardization in the law of property: the numerus clausus principle. Yale Law J 110: 1-70.
44. Merrill TW, Smith HE (2001) The property/contract interface. Columbia Law Rev 101: 773-852.
45. Merrill TW, Smith HE (2007) Property: principles and policies. Foundation Press, New York.
46. Merrill TW, Smith HE (2010) Property. Oxford University Press, Oxford.
47. North DC (1981) Structure and change in economic history. W. W. Norton, New York.
48. North DC (1990) Institutions, institutional change and economic performance. Cambridge University Press, Cambridge.
49. North DC (1991) Institutions. J Econ Perspect 5: 97-112.
50. North DC, Thomas RP (1973) The rise of the western world: a new economic history. Cambridge University Press, Cambridge.
51. North DC, Wallis JJ, Weingast BR (2009) Violence and social orders: a conceptual framework for interpreting recorded human history. Cambridge University Press, Cambridge.
52. Ostrom E (1990) Governing the commons: the evolution of institutions for collective action. Cambridge University Press, Cambridge.
53. Penner JE (1997) The idea of property in law. Oxford University Press, Oxford.
54. Rodrik D, Subramanian A, Trebbi F (2002) Institutions rule: the primacy of institutions over geography and integration in economic development. J Econ Growth 9: 131-165.
55. Rose CM (1988) Crystals and mud in property law. Stanford Law Rev 40: 577-610.
56. Rose-Ackerman S (1985) Inalienability and the theory of property rights. Columbia Law Rev 85: 931-969.
57. Rubin EL (1995) The non-judicial life of contract: beyond the shadow of the law. Northwest Univ Law Rev 90: 107-131.
58. Schwartz A, Scott RE (2011) Rethinking the laws of good faith purchase. Columbia Law Rev 111: 1332-1384.
59. Seabright P (2004) The company of strangers: a natural history of economic life. Princeton University Press, Princeton, Oxford.
60. Simon HA (1962) The architecture of complexity. Proc Am Philos Soc 106: 467-482.
61. Smith A (1776) An inquiry into the nature and causes of the wealth of nations. Oxford University Press/Liberty Press, Indianapolis.
62. Smith HE (2002) Exclusion versus governance: two strategies for delineating property rights. J Leg Stud 31: S453-S487.
63. Smith HE (2006) Modularity in contracts: boilerplate and information flow. Univ Mich Law Rev 104: 1175-1222.
64. Smith HE (2007) Intellectual property as property: delineating entitlements in information. Yale Law J 116: 1742-1823.
65. Smith HE (2008) Governing water: the semi commons of fluid property rights. Ariz Law Rev 50: 445-478.
66. Smith HE (2009) Modularity in property, intellectual property, and organizations. Harvard Law School, September 17.
67. Smith HE (2011) Standardization in property law. In: Ayotte K, Smith HE (eds) Research handbook on the economics of property law. Edward Elgar, Cheltenham, pp 148-173.
68. Telser LG (1980) A theory of self-enforcing agreements? J Bus 53: 27-44.
69. von Hayek FA (1982) Law, legislation, and liberty: a new statement of the liberal principles of justice and political economy. University of Chicago Press, Chicago, 1973-1979. Reprint, Routledge & Kegan Paul, London (page references are to reprint edition).
70. Wallis JJ (2011) Institutions, organizations, impersonality, and interests: the dynamics of institutions. J Econ Behav Organ 79: 48-64.
71. Williamson OE (1985) The economic institutions of capitalism: firms, markets, relational contracting. The Free Press, New York.
72. Williamson OE (1996) Revisiting legal realism: the law, economics, and organization perspective. Ind Corp Change 5: 383-420.
73. Williamson OE (2005) Why law, economics, and organization? Annu Rev Law Soc Sci 1: 369-396.