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Property as sequential exchange: definition and language issues

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  • ALLEN, DOUGLAS W.

Abstract

Benito 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.

Suggested Citation

  • Allen, Douglas W., 2017. "Property as sequential exchange: definition and language issues," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 785-792, December.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:04:p:785-792_00
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    Cited by:

    1. 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.
    2. Arruñada, Benito, 2017. "How should we model property? Thinking with my critics," Journal of Institutional Economics, Cambridge University Press, vol. 13(4), pages 815-827, December.
    3. Giuseppe Danese, 2017. "One man’s trash is another man’s treasure: A comparative analysis of property rights in solid waste," Working Papers de Economia (Economics Working Papers) 02, Católica Porto Business School, Universidade Católica Portuguesa.

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