The Meaning of Property 'Rights': Law vs. Economics?

Forthcoming in Land Economics

Posted: 21 Jun 2002

See all articles by Daniel H. Cole

Daniel H. Cole

Indiana University Maurer School of Law; Indiana University School of Public and Environmental Affairs

Peter Z. Grossman

Butler University - College of Business Administration

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Abstract

Property rights are fundamental in economic theory. There is, however, no consensus in the economic literature about what property rights are. Economists define property rights variously and, sometimes, in ways that conflict with the conventional understandings of legal scholars and judges. This article explores several divergent economic conceptions of property rights. These conceptions promote interdisciplinary confusion and, most importantly from the perspective of economic theory, they pre-ordain suboptimal economic outcomes.

Note: This is a description of the paper and is not the actual abstract.

JEL Classification: K11, A12, D23, Q15

Suggested Citation

Cole, Daniel H. and Grossman, Peter Z., The Meaning of Property 'Rights': Law vs. Economics?. Forthcoming in Land Economics, Available at SSRN: https://ssrn.com/abstract=315941

Daniel H. Cole

Indiana University Maurer School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States

Indiana University School of Public and Environmental Affairs ( email )

1315 East Tenth Street
Bloomington, IN 47405
United States

Peter Z. Grossman (Contact Author)

Butler University - College of Business Administration ( email )

Indianapolis, IN 46208
United States
317-940-9727 (Phone)

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