The Regulative Function of Property Rights

ECON Journal Watch, Vol. 8, No. 3, pp. 236-246, 2011

11 Pages Posted: 9 Nov 2011  

Larissa M. Katz

University of Toronto - Faculty of Law

Date Written: November 9, 2011

Abstract

In this paper, I examine three different models of how we manage our common resources through a system of private property rights. One model (the exclusion approach) is to control owners’ decisions indirectly, through markets. Another model (the bundle-of-rights approach) is to regulate owners’ decisions directly, by setting out specifically what they can or cannot do. These first two models have in common their focus on the substantive decisions that owners make. There is a third approach that emerges from my own account of ownership as a position of exclusive agenda-setting authority. A distinguishing feature of this model is that it restricts the class of question that the owner may consider when dealing with the thing rather than the substantive answers that owners come up with.

Keywords: property, exclusion, bundle of rights, private law

Suggested Citation

Katz, Larissa M., The Regulative Function of Property Rights (November 9, 2011). ECON Journal Watch, Vol. 8, No. 3, pp. 236-246, 2011. Available at SSRN: https://ssrn.com/abstract=1957115

Larissa M. Katz (Contact Author)

University of Toronto - Faculty of Law ( email )

78 and 84 Queen's Park
Toronto, Ontario M5S 2C5
Canada

Paper statistics

Downloads
129
Rank
177,298
Abstract Views
646