Toward a theory of property rights¶
Demsetz, H. (1967). Toward a theory of property rights. American Economic Review, 57(2), 347-359.
Cited by¶
3 citations across 3 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Externality
- See Property Rights and Transaction Costs for the Coasean complications, and see Demsetz 1967
This sourceSeminal account that property rights internalize externalities and emerge when the gains from internalization exceed the cost of defining and enforcing the right. SUPPORTS the property-rights-as-structural-remedy claim (152).
- See Property Rights and Transaction Costs for the Coasean complications, and see Demsetz 1967
- Property Rights
- The structural payoff is that costs and benefits flowing from a resource's use are routed back to the party empowered to decide its fate, which is the mechanism by which property rights internalize what would otherwise be externalities.
This sourceSeminal account that property rights internalize externalities and emerge precisely when the gains from internalization come to exceed the cost of defining and enforcing the right; supports the internalization signature and the claim that assigning rights is the structural remedy for open-access overuse.
- The structural payoff is that costs and benefits flowing from a resource's use are routed back to the party empowered to decide its fate, which is the mechanism by which property rights internalize what would otherwise be externalities.
- Tragedy of the Commons
- Privatization is one governance architecture among several; which works depends on excludability feasibility and institutional context.
This sourceSeminal account that property rights internalize externalities and emerge precisely when the gains from internalization come to exceed the cost of defining and enforcing the right; supports the internalization signature and the claim that assigning rights is the structural remedy for open-access overuse.
- Privatization is one governance architecture among several; which works depends on excludability feasibility and institutional context.
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