Chapter 3 Property Law

Dean L Lueck, Thomas J. Miceli

Research output: Contribution to journalArticle

17 Citations (Scopus)

Abstract

This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced? In answering these questions we argue that property rights and property law can be best understood as a system of societal rules designed to maximize social wealth. They do this by creating incentives for people to maintain and invest in assets, which leads to specialization and trade.

Original languageEnglish (US)
Pages (from-to)183-257
Number of pages75
JournalHandbook of Law and Economics
Volume1
DOIs
StatePublished - 2007

Fingerprint

right of ownership
Law
doctrine
common property
open access
Property rights
specialization
economics
assets
incentive

Keywords

  • Coase theorem
  • externality
  • property law
  • property rights
  • transaction costs

ASJC Scopus subject areas

  • Economics and Econometrics
  • Law

Cite this

Chapter 3 Property Law. / Lueck, Dean L; Miceli, Thomas J.

In: Handbook of Law and Economics, Vol. 1, 2007, p. 183-257.

Research output: Contribution to journalArticle

Lueck, Dean L ; Miceli, Thomas J. / Chapter 3 Property Law. In: Handbook of Law and Economics. 2007 ; Vol. 1. pp. 183-257.
@article{e886233b568142e899ba21c77177bc69,
title = "Chapter 3 Property Law",
abstract = "This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced? In answering these questions we argue that property rights and property law can be best understood as a system of societal rules designed to maximize social wealth. They do this by creating incentives for people to maintain and invest in assets, which leads to specialization and trade.",
keywords = "Coase theorem, externality, property law, property rights, transaction costs",
author = "Lueck, {Dean L} and Miceli, {Thomas J.}",
year = "2007",
doi = "10.1016/S1574-0730(07)01003-1",
language = "English (US)",
volume = "1",
pages = "183--257",
journal = "Handbook of Law and Economics",
issn = "1574-0730",
publisher = "Elsevier",

}

TY - JOUR

T1 - Chapter 3 Property Law

AU - Lueck, Dean L

AU - Miceli, Thomas J.

PY - 2007

Y1 - 2007

N2 - This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced? In answering these questions we argue that property rights and property law can be best understood as a system of societal rules designed to maximize social wealth. They do this by creating incentives for people to maintain and invest in assets, which leads to specialization and trade.

AB - This chapter examines the economics of property rights and property law. It shows how the economics of property rights can be used to understand fundamental features of property law and related extra-legal institutions. The chapter examines both the rationale for legal doctrine, and the effects of legal doctrine regarding the exercise, enforcement, and transfer of rights. It also examines various property rights regimes including open access, private ownership, common property, and state property. The guiding questions are: How are property rights established? What explains the variation in the types of property rights? What governs the use and transfer of rights? And, how are property rights enforced? In answering these questions we argue that property rights and property law can be best understood as a system of societal rules designed to maximize social wealth. They do this by creating incentives for people to maintain and invest in assets, which leads to specialization and trade.

KW - Coase theorem

KW - externality

KW - property law

KW - property rights

KW - transaction costs

UR - http://www.scopus.com/inward/record.url?scp=67649378644&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=67649378644&partnerID=8YFLogxK

U2 - 10.1016/S1574-0730(07)01003-1

DO - 10.1016/S1574-0730(07)01003-1

M3 - Article

AN - SCOPUS:67649378644

VL - 1

SP - 183

EP - 257

JO - Handbook of Law and Economics

JF - Handbook of Law and Economics

SN - 1574-0730

ER -