Property I- Davidson- Fall 2005- Makar

Property I- Davidson- Fall 2005- Makar - Davidson Fall 2005...

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Davidson Fall 2005 Theory & Policy - Tragedy of the Commons –Hardin o Shared community resource o No personal burden of extern costs o Irrational communal consequence of rational personal decisions o Solutions private property, gov’t regulations o Anticommons Fragmented ownership empty storefronts in Moscow - Toward a Theory of Property Rights – Demsetz o How property rights emerged o Change in value of resources externalities o Transaction Costs Free Rider Fractured Rights No one can negotiate for future right-holders o Privatization Concentrate ownership align incentives/burdens for future cons Reduce transaction costs facilitates bargaining o Goal Efficiency Right level of resources. Best aggregation of individual decisions (assumes monitzaical!) - Coase Theorem (p.52) o If no barriers to transacting doesn’t matter who gets distribution of property rights CO 2 emissions o Ignores: initial distribution of entitlements disparities in income make it difficult to show preferences - Locke o We own selves we own property we have mixed our labor with o Assumes enough resources for all - Bentham o Property and law live and die together Property merely a basis of expectation No inherent limitation of societal ability to reorder expectations - Katz o Property an institution where self-interest should bow to good of society o Civic republican – property rights may ensure citizenship - A New Property – Reich o Intrusiveness of gov’t on the role of individual o Entitlement not charity programs structure transaction to mirror private property for those that don’t need programs - Radin
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o Property part of self how we represent selves to world o Hierarchy of Rights: fungible less entitlement o Clash of ownership v. usage Landlord v. Tenant, Rent control Acquisition - Capture o Mere pursuit not enough to establish ownership ( Pierson v. Post ) o Industry custom/Economic effects ( Ghen v. Rich ) o Malicious interference with trade actionable ( Keeble v. Hickeringill ) o Pre-possessory Interest ( Popov v. Hayashi ) Grey’s Rule stop momentum of ball and person Public Interest Don’t want riots, illegal acts o Ad collelum ownership from heavens to center of earth Natural Resources Nature of Resource Type of Owner Location of resource - Creation o Quasi-property protected ( INS v. AP ) o Imitation essential to free market ( Cheney Bros. v. Doris Silk ) o Cyber-squatting illegal ( Virtual Works, Inc. v. Volkswagen of America, Inc .) o Celebrity – have right to control use of your image/persona o Physical personal property – slippery slope, want biotech industry ( Moore v. Regents of the University of California ) 42 USC 274e – no comodification of body parts o Jacques v. Steenberg, State v. Shack Cultural Property - Elgin Marbles o International culture: Valuable to everyone o Greek: created in one location, give modern inhabitants special value
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Property I- Davidson- Fall 2005- Makar - Davidson Fall 2005...

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