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The Regulative Function of Property Rights

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  • Larissa Katz

Abstract

In this paper, I examine three different models of how we manage our common resources through a system of private property rights. One model (the exclusion approach) is to control owners' decisions indirectly, through markets. Another model (the bundle-of-rights approach) is to regulate owners' decisions directly, by setting out specifically what they can or cannot do. These first two models have in common their focus on the substantive decisions that owners make. There is a third approach that emerges from my own account of ownership as a position of exclusive agenda-setting authority. A distinguishing feature of this model is that it restricts the class of _question_ that the owner may consider when dealing with the thing rather than the substantive answers that owners come up with.

Suggested Citation

  • Larissa Katz, 2011. "The Regulative Function of Property Rights," Econ Journal Watch, Econ Journal Watch, vol. 8(3), pages 236-246, September.
    • Handle: RePEc:ejw:journl:v:8:y:2011:i:3:p:236-246
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    References listed on IDEAS

    as
    1. 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.
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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. Raina, Ajay & Palaniswami, M., 2021. "The ownership challenge in the Internet of things world," Technology in Society, Elsevier, vol. 65(C).

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    More about this item

    Keywords

    Property; bundle of rights; exclusion; exclusivity; legal realism; law and economics;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K1 - Law and Economics - - Basic Areas of Law

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