This paper examines the impact of land title systems on property values. The predominant system in the U.S. and a few other countries, the recording system, awards title to claimants over current possessors, whereas the predominant system throughout most of the world, the registration system,...

The traditional law of leases imposed no duty on landlords to mitigate damages in the event of tenant breach, whereas the modern law of leases does. An economic model of leases, in which absentee tenants may or may not intend to breach, shows that the traditional rule promotes tenant investment...

This article examines the price formation process under small numbers competition using data from Singapore land auctions. The theory predicts that bid prices are less than the zero-profit asset value in these first-price sealed-bid auctions. The model also shows that expected sales price...