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This article outlines a transaction cost theory of 'title insurance' and analyses the role it plays in countries with recording and registration of land titles. Title insurance indemnifies real estate right holders for losses caused by pre-existing title defects that are unknown when the policy...
Persistent link: https://www.econbiz.de/10014116718
Whenever the use of an asset by one party imposes an externality on another party's use of an asset, entitlements must be allocated. Does an upstream firm have a right to use a river's water or does a downstream firm have a right not to have the water used? And if the downstream firm is to be...
Persistent link: https://www.econbiz.de/10014121292
In this paper we examine the theories of the division of labour and we observe how an "optimal" division of labour must necessarily compromise among the principles of maximising learning by doing (Smith), minimising learning before doing (Babbage and Taylor) and maximising job satisfaction....
Persistent link: https://www.econbiz.de/10014122428
The story of mining is the story of civilization. From the development of metal currency and rudimentary tools through the extraction of fossil fuels and rare earth minerals necessary for renewable energy technology, mining is fundamental to human advancement. American civilization is no...
Persistent link: https://www.econbiz.de/10014077557
A model of externalities with sequential location choice is developed. The first mover decides on location before it knows the identity of the second mover. Joint location leads to a negative externality. The court, having limited information, allocates property rights over the externality based...
Persistent link: https://www.econbiz.de/10014077603
This paper examines data property with an eye toward offering definitions that distinguish this type of property interest from that available for conventional intellectual property. The paper also will identify the legal rights vested in data creators as well as data protection rights for...
Persistent link: https://www.econbiz.de/10014104844
This essay examines the relationship between property rights and environmental protection. According to the 'tragedy of the commons' model, environmental pollution and resource depletion result from the inadequate specification of property rights on environmental goods. Two solutions are...
Persistent link: https://www.econbiz.de/10014107117
Gender equality is essential for the achievement of human rights for all. Women are entitled to live with dignity and must enjoy the rights to equal protection by the law. The Judiciary remain the guardian of human rights and freedoms. The paper analyses the enforcement, by the judiciary, the...
Persistent link: https://www.econbiz.de/10014111432
This essay constitutes chapter 6 of my forthcoming book, Zoning Rules! The Economics of Land Use Regulation, which the Lincoln Institute of Land Policy will publish in 2015. This chapter offers a formal structure with which to analyze land use controversies and an evaluation of its relevance....
Persistent link: https://www.econbiz.de/10014134866
Property theory has entered into uncertain times. Conservative and progressive scholars are, it seems, fiercely contesting everything, from what is at the core of property to what obligations owners owe society. Fundamentally, the debate is about whether property law works. Conservatives believe...
Persistent link: https://www.econbiz.de/10014137025