In Alain Marciano and Giovanni Battista Ramello (eds.), Encyclopedia of Law and Economics, Springer, 2014
18 Pages Posted: 6 Apr 2015 Last revised: 12 Nov 2019
Date Written: October 9, 2014
Titling systems are the institutions used to enforce property rights as rights in rem and reduce the cost of transacting on them. To be effective in non-local markets, they require a registry, which produces information on claims or rights, thus allowing the judge to verify them, establish their relative priority and solve conflicts between claimholders by adjudicating rights in rem and in personam to them. Since the judge relies on register evidence, access to registers also allows contractual parties to reduce their information asymmetry before transacting.
Keywords: property rights, land policy, land titling, registries, transaction costs, impersonal exchange
JEL Classification: D23, K11, K12, L85, G38, H41, O17, P48
Suggested Citation: Suggested Citation