Delineation Of Property Rights Research Articles

Fee Simple Absolute in the US Real Estate Law

The article discusses the nature and analyzes the features of fee simple absolute as a key, fundamental title in the system of real property law in the United States. It is noted that this title is the closest to continental (incl. Russian) proprietary structures. The author examines the characteristics of this title: its potentially infinite duration, alienability, completeness of powers given to the owner, the absence of encumbrances, etc. The article explores the requirements on the use of certain reservations and phraseological units in agreements and unilateral contracts, on the basis of which property is transferred due to the fee simple absolute. The author examines controversial provisions of the doctrine, legislation and case practice of the United States that define the principles of application of the rules on fee simple absolute. Particular attention is given to the special statutory rules, which contribute to the interpretation of the party's intent to transfer ownership based on fee simple absolute and/or to obtain such a right. In conclusion, the author summarizes the analysis of the Anglo-American approach to defining fee simple absolute as a subjective civil right, as well as evaluates the risks of artificial delineation of property rights and objects which these rights can be applied to.

Delineation of property rights as institutional foundations for urban land markets in transition

This paper aims to critically reflect on establishing the new frameworks for land markets and urban land development processes in countries in transition. Based on the doctrine of the so-called ‘property rights’ school, land and property ownership has long been identified as a prerequisite for economic development. The common advice to countries in transition creating new frameworks for land markets was to assign and register property rights. The aim of this paper is to discuss the significance of the delineation of property rights, which for urban land development processes and outcomes falls mainly within the remit of land use regulations. In this paper the concept of property rights regime and its characteristics is developed in order to discuss the delineation of property rights and their relationship with urban land development process and its outcome. Process of land development is conceptualized depending on land ownership (private or public), and the role of the owner in the planning process. The outcome is discussed based on the morphological results and the provision of urban infrastructure. On the basis of empirical experience from transition period in Poland it is argued that the emphasis on private property rights in the absence of the institutional foundations of urban land market under capitalism was bound to produce urban problems. First, the new institutional foundation for urban land market was introduced subsequent to dynamic of emerging real estate market, and viable markets existed despite unsolved question of restitution of property rights. Second, the subsequent delineation of property rights is clearly linked to processes of urban land development, which follow the line of development without planning. It can also be related to the morphological results of urban development like the haphazard location of investments and lack of adequate approach to deal with the provision of urban infrastructure.

Delineation of Property Rights of Complements

In the development of transaction cost based property right analysis, clear delineation of private exclusive property rights over communal property is believed to be able to restrain rent dissipation, and is therefore conducive to market transactions and the enhancement of efficiency. However, the interdependence of the rights among complements is seldom investigated. This paper argues that in case of communal complements, the delineation of the property rights of the assets does not necessarily foster the development of market transactions, especially when the supply of one of the rights is likely to be monopolized. The postulation is justified by the multi-ownership and strata-title systems in the management of apartments.

The unfolding of Deng's drama

Based upon the author's personal observation and research experience, the article summarizes and interprets Deng Xiaoping's great contributions to China's economic reform from four perspectives: delineation of property rights in Deng's style, bringing entrepreneurship back into China, facilitating the ‘invisible hand’ again, the challenges of corruption.

A Comparative Study on Landownership Between China and England

By comparing the development of landownership in China and England, this paper explores what were behind their different trajectories. In particular, I examined the delineation of property rights, alienation of land, rent and tax, inheritance and accumulation of land. Feudal England was a combination of the Roman system and Anglo-Saxon tradition. From that very strict hierarchical structure England has experienced an evolution toward free land market. In contrast, since very early China has established a unique economic system that allowed free alienation of land, but it has been trying to check the development of land market and private property rights by various means, the most important of which is the strengthening and expanding of patriarchal clan system. The different development paths of China and England show the different responses of two different cultures, which are oriented toward family and individual, respectively, to the same problems related to landownership.

Institutions, Governance and Economic Development in Africa: An Overview

As poor policies are blamed for dismal economic outcomes in many African countries and institutions and governance have assumed greater importance in explaining policy making, this article overviews a set of papers appearing in the current volume on 'institutions, governance and economic development in Africa'. The following results emerge. First, while politically accountable governments can lead to improved economic outcomes, they are unlikely to adopt economically desirable policies that are unpopular with the populace. Unfortunately, such governments also tend to increase the risk of political disorder in Africa, which may in turn be growth-inhibiting. Thus, recent attempts by African countries to adopt more democratic governments may not lead to the expected improved growth and development outcomes unless successful attempts at minimising political disorder can be achieved. Second, the existence of ethnically based interest groups is likely to result in sub-optimal provision of public goods, which can be critical to the development process. Hence, the challenge of attenuating ethnic polarisation is a salient one. Third, as the Botswana case indicates, the ability to appropriately accommodate minority interests, coupled with the existence of external threats and natural resource endowments that foster the delineation of property rights, augers well for state building required for good governance, notwithstanding the existence of low population density. Copyright 2006, Oxford University Press.

Exclusion versus Governance: Two Strategies for Delineating Property Rights

The delineation of property rights can follow two strategies that form the poles of a spectrum. In the exclusion strategy, rough proxies for use allow further individuation of use to be delegated to an owner. In the governance strategy, resource use is measured in terms of individual activities. Each strategy has its own characteristic cost structure. This theory, which is based on proxy measurement, refines the Demsetz thesis to allow for increased use of governance as well as exclusion. The theory also provides testable implications about the direction of expected change in exclusion and governance regimes and shifts among them. The proxy‐measurement theory is contrasted with an account that is based on rising resource values inducing more incursion and hence lower exclusion. A primary illustrative application is the rise of the open‐field system in England and the Demsetzian puzzle of the open fields both arising from and giving way to more exclusive ownership of parcels.

Reforming China's state-owned enterprises construction

Reform of state-owned enterprises (SOEs) constitutes the central link of the entire restructuring of China's construction industry. The poor performance of SOEs was mainly attributed to the lack of autonomy and the vagueness in the delineation of property rights. Reform measures have been undertaken to address these issues, but the achievements are far from satisfactory. The paradox of increasing productivity and declining profitability calls for a sound plan to solve the SOE problem by considering both the root causes and symptoms. The relationship between the provision of sufficient, robust information and the performance of SOEs is analysed and, based upon this, the implications for further restructuring are assessed. The proposed solutions may be summarized as: creating a fair business environment for competition to enable each SOE's profit level to be used as a simple, low-cost and sufficiently informative indicator of managerial performance; transforming the traditional, centralized operation model so that the restructuring of SOEs as well as the whole construction industry can be realized. En Chine, la réforme des entreprises nationalisées est au coeur de la restructuration de l'ndustrie de la construction. Il faut attribuer les résultats médiocres des entreprises nationalisées au manque d'autonomie et au flou dans la définition des droits de la propriété. Des mesures de réforme ont été prises pour régler ces questions mais les résultats sont loin d'être satisfaisants. L'augmentation de la productivité et le déclin de la rentabilité constituent un paradoxe qui exige un plan visant à résoudre avec efficacité le problème des entreprises nationalisées en prenant en compte à la fois les causes profondes et les symptômes. Cet article analyse les relations qui existent entre la fourniture d'informations suffisantes et fiables et les résultats des entreprises nationalisées ; sur cette base, on évalue les conséquences d'une réorganisation plus poussée. On peut résumer comme suit les solutions proposées : créer un environnement économique équitable pour la concurrence afin que le niveau de rentabilité des entreprises nationalisées puisse servir d'indicateur simple, économique et suffisamment informatif des performances de la gestion ; transformer le modèle opérationnel classique, centralisé, dans la perspective de la restructuration des entreprises nationalisées et de l'ensemble du secteur de la construction.

The role of property rights in economic research on U.S. wetlands policy

The purpose of this essay is to define the role of resource economics in the development of U.S. wetlands policy. I argue that the “optimal pollution model” based on maximation of net benefits of wetland protection is, for the most part, not directly applicable to the creation of wetlands policy for two reasons: (1) the delineation of property rights among wetland owners and the general public, as opposed to the maximization of net benefits, is the more fundamental political issue and therefore drives policy-making; (2) the predominant public benefits of wetlands fall into the economic category of “nonuse values” which are very difficult to define and measure in a policy-relevant way, and the public's legal rights to them have not been established. These conclusions indicate that resource economics research that focuses upon (1) the economic significance to interested parties of alternative delineations of property rights, (2) development of policy tools appropriate for each possible property rights delineation, and (3) the relative cost-effectiveness of these policy tools is most useful for policy-making.

Theory of Socialization of Property Rights

It appears that concepts related to the socialization of property rights, such as the assignment or delineation of property rights, though noticed by many in the west and in China, all touch on only one aspect of property rights from one specific angle or level. Not so the theory of the socialization of property rights. This theory, based on examination of the natural historical process of humankind going from a closed to a highly socialized economy, reveals a new era, an economic era marked by socialized property rights. It explains the new economic changes and trends in this era. It provides new bases for the study of modern socialism as well as modern capitalism.

Commons, Regulation, and Rent-Seeking Behavior: The Dilemma of Pakistan's "Guzara" Forests

curred over past 120 years. These forests, known locally as guzara forests, can be characterized as regulated commons. The regulation, by placing quantitative restrictions on felling, aimed at an orderly exploitation of these forests. On surface, failure of regulation seems to be a simple case of enforcement failure. However, a closer look reveals a fairly complex picture in which factors such as delineation of property rights and rent-seeking behavior of those subject to regulation as well as of regulators themselves have contributed to problems of these forests. The evidence presented in this article shows that way regulation was devised gave rise to a discordant structure of property rights involving government and local inhabitants. Despite early signals that it could not be effectively enforced, no rectifying change was introduced in structure of rights, which has persisted into postcolonial era. Indeed, there was a reversal of some potentially beneficial institutional changes that had been introduced toward end of colonial period. While process of degradation was set in motion by discordances that arose in process of delineating property rights, it is theory of rentseeking behavior that provides an adequate explanation of its persistence as well as of subsequent reversals. An effective response to problem of guzara forests must take account of two additional features in regulation of these forests. First, in addition to common property externality that leads to the tragedy of commons, these forests also display interjurisdictional externality by virtue of their location. Second, a common

International News Service v. Associated Press: Custom and Law as Sources of Property Rights in News

reasoning in creating property rights, Hayek is the antithesis of the Socratic philosopher. Nonetheless, Hayek has made rational argument, of the type he is suspicious of, for relying on customary rules. 101 But when all is said and done, there still are cases where custom will fail as well, as the above discussion of Dow Jones reveals. 102 As a result, the relative desirability of the two methodologies depends upon the comparative magnitude of their imperfections. In a world in which analysts were perfectly skilled in what they do, custom could be dispensed with as a way station along the road to the 99 See supra text accompanying note 3. 100 See supra text accompanying notes 1-2. 101 See, e.g., Gray, supra note 8. 102 See supra text accompanying notes 91-98. This content downloaded from 157.55.39.111 on Sat, 17 Sep 2016 05:10:15 UTC All use subject to http://about.jstor.org/terms 126 Virginia Law Review [Vol. 78:85 optimal collective delineation of property rights. As long as lawmakers are plagued with imperfect knowledge, however, the institutional dominance of analytical methods always will remain contestable. The best that can be said is that custom is deep, and works well in narrow domains, while cost/benefit analysis has greater range but

The Evolution of Property Rights: A Study of the American West

The Evolution of Property Rights: A Study of the American West

On Models of Commercial Fishing: A Defense of the Traditional Literature

Previous articleNext article No AccessSymposium on Commercial FishingOn Models of Commercial Fishing: A Defense of the Traditional LiteratureRichard F. Fullenbaum, Ernest W. Carlson, and Frederick W. BellRichard F. Fullenbaum Search for more articles by this author , Ernest W. Carlson Search for more articles by this author , and Frederick W. Bell Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 80, Number 4Jul. - Aug., 1972 Article DOIhttps://doi.org/10.1086/259923 Views: 3Total views on this site Citations: 3Citations are reported from Crossref Copyright 1972 The University of ChicagoPDF download Crossref reports the following articles citing this article:Chung Yim Edward Yiu Delineation of Property Rights of Complements, SSRN Electronic Journal (Jan 2011).https://doi.org/10.2139/ssrn.1943929Lawrence W.C. Lai An overview of research on aquaculture economics and management in Hong Kong, Aquaculture Economics & Management 6, no.3-43-4 (Jan 2002): 131–152.https://doi.org/10.1080/13657300209380310Ar-Young Wang, Kuo-Shung Cheng Dynamic analysis of commercial fishing model, Journal of Environmental Economics and Management 5, no.22 (Jun 1978): 113–127.https://doi.org/10.1016/0095-0696(78)90022-0

Promises Respecting the Use of Land

Previous articleNext article No AccessPromises Respecting the Use of LandAllison DunhamAllison Dunham Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by The Journal of Law and Economics Volume 8Oct., 1965 Sponsored by The University of Chicago Booth School of Business and The University of Chicago Law School Article DOIhttps://doi.org/10.1086/466609 Views: 3Total views on this site Citations: 6Citations are reported from Crossref Copyright 1966 The University of ChicagoPDF download Crossref reports the following articles citing this article:Darren A. Prum, Robert J. Aalberts Our Own Private Sustainable Community: Are Green Covenants, Conditions, and Restrictions a Viable Alternative to a More Environmentally Sustainable Future for Homeowners?, SSRN Electronic Journal (Jan 2012).https://doi.org/10.2139/ssrn.2043640Chung Yim Edward Yiu Delineation of Property Rights of Complements, SSRN Electronic Journal (Jan 2011).https://doi.org/10.2139/ssrn.1943929Lawrence Lai A model of planning by contract: integrating comprehensive state planning, freedom of contract, public participation and fidelity, Town Planning Review 81, no.66 (Jan 2010): 647–674.https://doi.org/10.3828/tpr.2010.25Lawrence W.C. Lai, C.Y. Yiu, S.K. Wong, Y. Yau Property management as property rights governance, Property Management 24, no.22 (Mar 2006): 87–97.https://doi.org/10.1108/02637470610657989C.Y. Yiu Institutional arrangement and unauthorised building works in Hong Kong, Structural Survey 23, no.11 (Feb 2005): 22–29.https://doi.org/10.1108/02630800510586880J. E. Stake Land-Use Doctrines, (Jan 2002): 1095–1104.https://doi.org/10.1007/978-1-349-74173-1_208