Abstract
Property rights theory (PRT) is a field of New Institutional Economics (NIE). As with other fields in NIE, PRT, analyses governance structures of economic coordination and behaviour in light of positive transaction costs. Many urban policy and economics issues are concerned with trade and redistribution of property rights to maximise the value of scarce resources. PRT examines the distribution of property rights and distinguishes between different types of property rights to understand the incentive structures that inform agency. The distribution of different types of property rights determines how scarce resources are utilised and how urban economies adjust to public and private intervention. An applied illustration of PRT is offered on the provision of social housing in the United Kingdom and Australia and the provision of land for urban development in China.
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