Securing property rights

Behrer, A. Patrick; Glaeser, Edward L. (Edward Ludwig), 1967-; Ponzetto, Giacomo A. M.; Shleifer, Andrei

dc.contributor.author	Behrer, A. Patrick
dc.contributor.author	Glaeser, Edward L. (Edward Ludwig), 1967-
dc.contributor.author	Ponzetto, Giacomo A. M.
dc.contributor.author	Shleifer, Andrei
dc.date.accessioned	2021-06-14T10:16:43Z
dc.date.issued	2021
dc.identifier.citation	Behrer AP, Glaeser EL, Ponzetto GAM, Shleifer A. Securing property rights. Journal of Political Economy. 2021 Apr;129(4):1157-92. DOI: 10.1086/712733
dc.identifier.issn	0022-3808
dc.identifier.uri	http://hdl.handle.net/10230/47869
dc.description	Supplemental material files: online appendices; data archive
dc.description.abstract	A central challenge in securing property rights is the subversion of justice. We present a model of a polluter whose discharges harm multiple owners, and we compare property rules, liability rules, and regulation on efficiency grounds. We provide conditions under which property rules are preferred to liability rules, thus verifying the Calabresi-Melamed conjecture. Regulation that enforces partial abatement may be preferred to either of the extreme rules. An empirical analysis of water quality in the United States before and after the Clean Water Act shows that the effects of regulation are consistent with several predictions of the model.
dc.description.sponsorship	Ponzetto acknowledges financial support from the European Research Council under the European Union's Horizon 2020 research and innovation program (CITIZINGLOBAL 714905), from the Spanish Ministry of Economy and Competitiveness (RYC-2013-13838) and the Severo Ochoa Programme for Centres of Excellence in R&D (CEX2019-000915-S), and from the Generalitat de Catalunya through the SGR Programme (2017-SGR-1393) and CERCA Programme.
dc.format.mimetype	application/pdf
dc.language.iso	eng
dc.publisher	University of Chicago Press
dc.relation.ispartof	Journal of Political Economy. 2021 Apr;129(4):1157-92
dc.relation.isreferencedby	https://www.journals.uchicago.edu/doi/suppl/10.1086/712733/suppl_file/20190764data.zip
dc.rights	© University of Chicago Press http://www.journals.uchicago.edu
dc.subject.other	Dret de propietat
dc.title	Securing property rights
dc.type	info:eu-repo/semantics/article
dc.identifier.doi	http://dx.doi.org/10.1086/712733
dc.relation.projectID	info:eu-repo/grantAgreement/ES/1PE/RYC2013-13838
dc.relation.projectID	info:eu-repo/grantAgreement/ES/2PE/CEX2019-000915-S
dc.relation.projectID	info:eu-repo/grantAgreement/EC/H2020/714905
dc.rights.accessRights	info:eu-repo/semantics/openAccess
dc.type.version	info:eu-repo/semantics/publishedVersion