Harold Demsetz proposed an evolutionary theory of property rights that a transition of property rights structure results from interacting parties’ efforts to maximize utilities in face of change of external elements that bear on their benefit cost calculation. Although Demsetz’s theory was...

We live in an economy of systems today. A system exists when two or more components are connected through interfaces to create utility for end users. A system operator is a firm that controls a bottleneck element of a system and therefore has the power to set rules for how different components...