Securing property rights
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- 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.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.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.doi http://dx.doi.org/10.1086/712733
- dc.identifier.issn 0022-3808
- dc.identifier.uri http://hdl.handle.net/10230/47869
- 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.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 © University of Chicago Press http://www.journals.uchicago.edu
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.subject.other Dret de propietat
- dc.title Securing property rights
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion