2000 | OriginalPaper | Buchkapitel
Toward a Theory of Property Rights
verfasst von : Harold Demsetz
Erschienen in: Classic Papers in Natural Resource Economics
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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When a transaction is concluded in the marketplace, two bundles of property rights are exchanged. A bundle of rights often attaches to a physical commodity or service, but it is the value of the rights that determines the value of what is exchanged. Questions addressed to the emergence and mix of the components of the bundle of rights are prior to those commonly asked by economists. Economists usually take the bundle of property rights as a datum and ask for an explanation of the forces determining the price and the number of units of a good to which these rights attach.