Skip to main content
×
Home
    • Aa
    • Aa

Property as sequential exchange: definition and language issues

Abstract
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.

Copyright
Corresponding author
*Email: allen@sfu.ca
Footnotes
Hide All
§ Thanks to Benito Arrunãda and Yoram Barzel for their comments.
Footnotes
Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

Journal of Institutional Economics
  • ISSN: 1744-1374
  • EISSN: 1744-1382
  • URL: /core/journals/journal-of-institutional-economics
Please enter your name
Please enter a valid email address
Who would you like to send this to? *
×

Metrics

Full text views

Total number of HTML views: 1
Total number of PDF views: 19 *
Loading metrics...

Abstract views

Total abstract views: 79 *
Loading metrics...

* Views captured on Cambridge Core between 24th March 2017 - 23rd September 2017. This data will be updated every 24 hours.