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The market for characteristics of property rights

  • Anthony Scott
Part of the International Studies in Economics and Econometrics book series (ISEE, volume 21)

Abstract

The goal of this paper is to construct a model for visualizing the “production” of new characteristics of property rights. The building blocks of the model are the standard elements in a competitive model of a market: demand and supply. By providing a way of looking at the process by which the economy — or society — is able to provide its interests in land with new characteristics, the model brings some order to the observation of the underlying factors. For example, in the creation of statutory rights of way for railroads, the desire of the builders to avoid owing to adjoining landowners a royalty on traffic was a factor underlying their demand for certain characteristics in the new rights.

Keywords

Transaction Cost Private Property Public Land Supply Function Land User 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Kluwer Academic Publishers 1991

Authors and Affiliations

  • Anthony Scott

There are no affiliations available

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