In a full-information, zero transactions costs world, the degree of protection afforded to an entitlement does not affect the likelihood of efficient trade. In reality, imperfect information is often inevitable. Specifically, a party will usually have incomplete information about fairness norms...

In a full-information, zero transactions costs world, the degree of protection afforded to an entitlement does not affect the likelihood of efficient trade. In reality, imperfect information is often inevitable. Specifically, a party will usually have incomplete information about fairness norms...

The economic analysis of property has made progress in areas of property closest to contracts and torts, where the assumption that legal rules can be studied in isolation has some plausibility. Property law is a system, and economic analysis can be used to capture the role of traditional notions...