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Economic Analysis of Property Rights

Author

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  • Barzel,Yoram
  • Allen,Douglas W.

Abstract

The standard neoclassical model of economics is incapable of explaining why one form of organization arises over another. It is a model where transaction costs are implicitly assumed to not exist; however, transaction costs are here defined as the costs of strengthening a given distribution of economic property rights, and they always exist. Economic Analysis of Property Rights is a study of how individuals organise resources to maximise the value of their economic rights over these resources. It offers a unified theoretical structure to deal with exchange, rights formation, and organisation that traditional economic theory often ignores. It explains how transaction costs can be reduced through reorganization and, in the end, how the distribution of property rights that exists is the one that maximizes wealth net of these transaction costs. This necessary hypothesis explains much of the puzzling organizations and institutions that exist now and have existed in the past.

Suggested Citation

  • Barzel,Yoram & Allen,Douglas W., 2023. "Economic Analysis of Property Rights," Cambridge Books, Cambridge University Press, number 9781009374729, January.
    • Handle: RePEc:cup:cbooks:9781009374729
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    Cited by:

    1. Qixin Zhan & Heng-fu Zou, 2024. "The right to bear arms, private property, and economic growth," CEMA Working Papers 626, China Economics and Management Academy, Central University of Finance and Economics.
    2. Minxian Sun & Heng-fu Zou, 2024. "A Macroeconomic Model with Property-Rights Capital," CEMA Working Papers 625, China Economics and Management Academy, Central University of Finance and Economics.
    3. Targa, Matteo & Yang, Li, 2024. "The impact of Communist Party membership on wealth distribution and accumulation in urban China," World Development, Elsevier, vol. 181(C).
    4. Ramsey, Austin F. & Goodwin, Barry K., 2024. "A Different 'Law of One Price:' Missouri's Livestock Marketing Law of 1999," 2024 Annual Meeting, July 28-30, New Orleans, LA 343679, Agricultural and Applied Economics Association.
    5. Katja Kalkschmied & Joern Kleinert, 2024. "Market building by strategic interactions: The role of powerful private actors and the state," Graz Economics Papers 2024-12, University of Graz, Department of Economics.
    6. Yuanfeng Liu & Xinyuan He, 2024. "Unraveling the Institutional Logic in China: an Examination of the Institutional Logic Behind Separation of Ownership, Contract Rights, and Operational Rights," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 13509-13531, September.

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