How should we model property? Thinking with my critics
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- dc.contributor.author Arruñada, Benitoca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2018-02-14T15:30:08Z
- dc.date.available 2018-02-14T15:30:08Z
- dc.date.issued 2017-05-26
- dc.date.modified 2018-02-14T15:29:21Z
- dc.description.abstract Inspired by comments made by Allen (2017), Lueck (2017), Ménard (2017) and Smith (2017), this response clarifies and deepens the analysis in Arruñada (2017a). Its main argument is that to deal with the complexity of property we must abstract secondary elements, such as the physical dimensions of some types of assets, and focus on the interaction between transactions. This sequential-exchange framework captures the main problem of property in the current environment of impersonal markets. It also provides criteria to compare private and public ordering, as well as to organize public solutions that enable new forms of private ordering. The analysis applies the lessons in Coase (1960) to property by not only comparing realities but also maintaining his separate treatment of the definition of property rights and transaction costs. However, it replaces his contractual, single-exchange, framework for one in which contracts interact, causing exchange externalities.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1570
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/33904
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1570
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword property rights
- dc.subject.keyword externalities
- dc.subject.keyword enforcement
- dc.subject.keyword transaction costs
- dc.subject.keyword public ordering
- dc.subject.keyword private ordering
- dc.subject.keyword impersonal exchange.
- dc.subject.keyword Business Economics and Industrial Organization
- dc.title How should we model property? Thinking with my criticsca
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper