Theoretical Inquiries in Law, Vol. 10, p. 77, 2008
28 Pages Posted: 11 Mar 2009 Last revised: 29 Jul 2009
Date Written: 2008
In this Article we explore the evolution of property law and examine the applicability of the prevailing accounts according to which property institutions oscillate between the extreme points of open access and private property. We show that the evolution of property is a much more nuanced process, shaped by the interplay of the following three dimensions: number of owners, extent of dominion and asset configuration. Accordingly, property institutions can assume a myriad of positions along the aforementioned dimensions in response to the constant change in exclusion and management costs. We demonstrate our theory by discussing examples of three dimensional adjustments of real, personal and intellectual property.
Keywords: property, evolution of property, Demsetz, dimensions of property, property rights
JEL Classification: D2, K11
Suggested Citation: Suggested Citation
Bell, Abraham and Parchomovsky, Gideon, The Evolution of Private and Open Access Property (2008). Theoretical Inquiries in Law, Vol. 10, p. 77, 2008; Bar Ilan Univ. Pub Law Working Paper No. 05-09; U of Penn Law School, Public Law Research Paper No. 09-19. Available at SSRN: https://ssrn.com/abstract=1356742