This paper develops a theory of inalienability and formally analyze its intertemporal behavior. We argue that a fundamental cause of inalienability is the inalienability of human capital, which makes people unable to commit not to repudiate a contract. In this sense, inalienability serves to...

In recent decades, we observe brisk growth of ground lease-based land use systems, such as shopping centers and malls, and Common Interest Developments in retail and residential real estate, respectively. I argue that the ground lease system is an efficient response to the hold-up problem in...

In recent decades, we observe brisk growth of ground lease-based land use systems, such as shopping centers and malls, and Common Interest Developments in retail and residential real estate, respectively. I argue that the ground lease system is an efficient response to the hold-up problem in...

This paper analyzes joint ownership housing (JOH), a new type of low-income housing in China, from a property inalienability perspective. JOH policy that was recently promulgated by the Beijing City shows that local government is really a passive owner in JOH, contradicting a common argument...

HOA (homeowners association) and leasehold (such as shopping mall) are two important types of urban institutions that have been developing very fast worldwide. This paper extends Hart-Moore model on cooperative vs. outside ownership to the urban setting by incorporating a distinctive feature of...

The sharing economy is a recent urban phenomenon. This paper explores its impact on urban property rights as well as their long-term interaction. The starting point of the analysis is the spatial matching condition, which requires the owner of a durable good to be spatially close to the renter...

Many studies have emphasized the importance of homeowners association (HOA) in local governance in Chinese cities. Some homeowners' activism is also frequently reported in mass media. But a contradictory phenomenon is that the majority of private communities haven't set up an HOA yet. This paper...

Spatial institutions of government vary greatly across countries. First, some countries adopted a strict vertical hierarchy while some others have a system of autonomous governments. Second, in the case of autonomous governments, spatial scale appears to be negatively associated with government...

It is important to analyze the governance of gated community from the homeowners' perspective because they are the ultimate force to drive the institutional choice of gated community. Based on a survey of three gated communities in Chongqing, China, this paper studies the determinants of how...

This paper develops a theoretical framework for analyzing the governance of low-income housing in the city. We focus on the provision of local public goods as the central issue for the governance of low-income housing. Governmental intervention in various forms is discussed. Factors that affect...