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The Use of Real Estate for the Settlement of Claims in Roman Palestine

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  • P. V. Viswanath

    (Indira Gandhi Institute of Development Research)

Abstract

The Mishna in Tractate Gittin discusses land qualities, in a context where land is used to settle monetary obligations. The law is that land of different qualities must be used to pay claimants in different situations; in particular, claimants pursuant to a tort case have the right to have their claim paid with land of the best quality. Creditors have the right to be paid with land of medium quality, while women who are owed money as part of a ketuba (marriage contract) claim may have to be satisfied with land of the lowest quality. However, the total value of the land received by each claimant is just the amount they are owed it is independent of the quality of the land that is used to pay them. This being the case, the purpose of the legislation is unclear. In this paper, I explore the possibility that the law is designed to minimize the total amount of transactions costs.

Suggested Citation

  • P. V. Viswanath, 2007. "The Use of Real Estate for the Settlement of Claims in Roman Palestine," Microeconomics Working Papers 22399, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:microe:22399
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    References listed on IDEAS

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    1. Gunnar Köhlin & Peter J. Parks, 2001. "Spatial Variability and Disincentives to Harvest: Deforestation and Fuelwood Collection in South Asia," Land Economics, University of Wisconsin Press, vol. 77(2), pages 206-218.
    2. Amihud, Yakov & Mendelson, Haim, 1986. "Asset pricing and the bid-ask spread," Journal of Financial Economics, Elsevier, vol. 17(2), pages 223-249, December.
    3. Joseph E. Stiglitz, 1989. "Markets and Development," NBER Working Papers 2961, National Bureau of Economic Research, Inc.
    4. Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
    5. Viswanath, P. V., 2000. "Risk sharing, diversification and moral hazard in Roman Palestine evidence from agricultural contract law," International Review of Law and Economics, Elsevier, vol. 20(3), pages 353-369, September.
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    Cited by:

    1. P.V. Viswanath, 2008. "Explorations in the Economics of Intertemporal Asset Transfer in Roman Palestine," Microeconomics Working Papers 22404, East Asian Bureau of Economic Research.
    2. P.V. Viswanath, 2008. "Explorations in the Economics of Intertemporal Asset Transfer in Roman Palestine," The American Economist, Sage Publications, vol. 52(2), pages 77-86, October.

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    More about this item

    Keywords

    Land markets; Law; religion and economics; Market microstructure; mishna; sasanian babylonia; Talmud;
    All these keywords.

    JEL classification:

    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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