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The Law and Economics Approach to Property

11 Pages Posted: 8 Jan 2014 Last revised: 5 Feb 2014

Daniel H. Cole

Indiana University Maurer School of Law; Indiana University School of Public and Environmental Affairs

Date Written: February 4, 2014

Abstract

This short paper written for a symposium issue of the Property Law Review on "Research Methods in Property Law," provides a concise introduction to the ways in which property rights (and duties) structure economic relations and, in turn, are influenced by economic considerations. Among the topics covered are: (a) property as a functional "institution" that not only facilitates exchange but also supports resource conservation (via the right to exclude); (b) Coasian comparative institutional analysis as a research method based on transaction costs; (c) property conflicts as joint- or social-cost problems; (d) the law and economics of property remedies; and (e) the under-explored variety and complexity of property regimes. The paper concludes with the obvious point (but one often ignored by legal scholars) that a thorough understanding of property law (including public and common property, as well as private property) requires attention to the vital economic functions it serves in virtually all societies.

Keywords: property, Coase, law and economics, natural resources, Ostrom

JEL Classification: D62, K11, K13, K32, L23, P16, Q15, Q2, R14

Suggested Citation

Cole, Daniel H., The Law and Economics Approach to Property (February 4, 2014). Indiana Legal Studies Research Paper No. 277. Available at SSRN: https://ssrn.com/abstract=2375933 or http://dx.doi.org/10.2139/ssrn.2375933

Daniel H. Cole (Contact Author)

Indiana University Maurer School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States

Indiana University School of Public and Environmental Affairs ( email )

1315 East Tenth Street
Bloomington, IN 47405
United States

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