The paper uses the findings of psychology, behavioral economics, and behavioral ethics to revisit three main related assumptions of the rational-choice approach to equity, by developing three main points: first, not only bad people try to circumvent the law; second, behavior depends on the...

Our analysis focuses on a situation where a landowner and the government invest prior to the government's taking decision. When the government suffers from budgetary fiscal illusion, optimal compensation equals the hypothetical value of the landowner's property had she invested efficiently. In...

The existing literature postulates that in nuisance suits courts should balance, for a property right under conflict, several values of the litigating parties. This practice, however, is controversial, mainly due to courts´ resource scarcity. This paper suggests an alternative institutional...

To evade land taxes, most land in Taiwan during the Ching Dynasty (1662-1895) was not registered. When the Japanese started to colonize Taiwan at the turn of the 20th century, a thorough land survey was made, and all surveyed land became registered. This paper studies how this institutional...

This paper develops a general model of anticommons fragmentation in property. Using several related examples, we consider the equilibria obtained under different scenarios. The various illustrations are later utilized to develop a model of fragmented property. The model reveals that the private...

The standard economic theory of natural-resource management has its roots in a conventional economic theory of commons that overlooked the role of institutional structures and the transaction costs. Hence, it has not been able to explain cases of successful management of forests as common...

Two potentially widespread phenomena, mass standardized contracts and digital rights management systems, could have dramatic impact on how the law of property and contract regulates the distribution of intellectual property. This paper argues these phenomena motivate a more careful consideration...

We explore the implications of altruism in family firms for the allocation of decision-making rights. Our results suggest that centralization occurs in a broader range of circumstances in family than in nonfamily firms, consistent with empirical evidence. We show that an agent might remain in a...