Economic Analysis of Property Rights

Yoram Barzel

doi:10.1017/CBO9780511609398

This is a study of the way individuals organise the use of resources in order to maximise the value of their economic rights over these resources. Property rights and all forms of organisation result from people's deliberate actions. In the tradition of Coase, this study offers a unified theoretical structure to deal with exchange, rights formation and organisation which traditional economic theory assumes away. A person's economic property rights over an asset are defined here as the person's ability to gain from the asset by direct consumption or by exchange. It is prohibitively costly to measure accurately all assets' attributes; therefore, rights to them are never fully delineated. Property is consequently in danger of appropriation by others. Individuals enhance their rights by such actions as the protection and better delineation of their assets. In this new edition, Professor Barzel introduces the central role of equity capital as a guarantor of the activities of the firm and elaborates on the distinction between economic rights and legal rights.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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Series editors' preface
pp vii-viii
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Preface to the second edition
pp ix-x
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Preface to the first edition
pp xi-xii
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Introduction
pp 1-2
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1 - The property rights model
pp 3-15
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2 - The public domain: Rationing by waiting and price controls
pp 16-32
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3 - Contract choice: The tenancy contract
pp 33-54
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4 - Divided ownership
pp 55-64
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5 - The old firm and the new organization
pp 65-84
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6 - The formation of rights
pp 85-104
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7 - Slavery
pp 105-113
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8 - Wealth-maximizing constraints on property rights
pp 114-127
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9 - Property rights and non-market allocation
pp 128-138
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10 - Additional property rights applications
pp 139-147
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11 - The property rights model: Recapitulation
pp 148-153
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References
pp 154-158
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Index
pp 159-161
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Economic Analysis of Property Rights

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Series editors' preface
pp vii-viii

Preface to the second edition
pp ix-x

Preface to the first edition
pp xi-xii

Introduction
pp 1-2

1 - The property rights model
pp 3-15

2 - The public domain: Rationing by waiting and price controls
pp 16-32

3 - Contract choice: The tenancy contract
pp 33-54

4 - Divided ownership
pp 55-64

5 - The old firm and the new organization
pp 65-84

6 - The formation of rights
pp 85-104

7 - Slavery
pp 105-113

8 - Wealth-maximizing constraints on property rights
pp 114-127

9 - Property rights and non-market allocation
pp 128-138

10 - Additional property rights applications
pp 139-147

11 - The property rights model: Recapitulation
pp 148-153

References
pp 154-158

Index
pp 159-161

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Economic Analysis of Property Rights

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