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Leading scholars in the field of law and economics contribute their
original theoretical and empirical research to this major Handbook.
Each chapter analyzes the basic architecture and important features
of the institutions of property law from an economic point of view,
while also providing an introduction to the issues and
literature.Property rights and property systems vary along a large
number of dimensions, and economics has proven very conducive to
analyzing these patterns and even the nature of property itself.
The contributions found here lend fresh perspectives to the current
body of literature, examining topics including: initial
acquisition; the commons, anticommons, and semicommons;
intellectual property; public rights; abandonment and destruction;
standardization of property; property and firms; marital property;
bankruptcy as property; titling systems; land surveying; covenants;
nuisance; the political economy of property; and takings. The
contributors employ a variety of methods and perspectives,
demonstrating the fruitfulness of economic modeling, empirical
methods, and institutional analysis for the study of both new and
familiar problems in property. Legal scholars, economists, and
other social scientists interested in property will find this
Handbook an often-referenced addition to their libraries.
Leading scholars in the field of law and economics contribute their
original theoretical and empirical research to this major Handbook.
Each chapter analyzes the basic architecture and important features
of the institutions of property law from an economic point of view,
while also providing an introduction to the issues and
literature.Property rights and property systems vary along a large
number of dimensions, and economics has proven very conducive to
analyzing these patterns and even the nature of property itself.
The contributions found here lend fresh perspectives to the current
body of literature, examining topics including: initial
acquisition; the commons, anticommons, and semicommons;
intellectual property; public rights; abandonment and destruction;
standardization of property; property and firms; marital property;
bankruptcy as property; titling systems; land surveying; covenants;
nuisance; the political economy of property; and takings. The
contributors employ a variety of methods and perspectives,
demonstrating the fruitfulness of economic modeling, empirical
methods, and institutional analysis for the study of both new and
familiar problems in property. Legal scholars, economists, and
other social scientists interested in property will find this
Handbook an often-referenced addition to their libraries.
Equity can be defined as the use of a more flexible, morally
judgmental, and subjective mode of legal decision making that
roughly corresponds with historical equity. This Element presents a
simple contracting model that captures the role of equity as a
safety valve, and shows how it can solve problems posed by
opportunists–agents with unusual willingness and ability to take
advantage of necessary imperfections in the law. In this model, a
simple but imperfect formal legal regime is able to achieve first
best in the absence of opportunists. But when opportunists are
added, a more flexible regime (equity), can be preferred. However,
equity is also vulnerable to being used opportunistically by the
parties it intends to protect. Hence, the Element shows that it is
often preferable to limit equity, reserving it for use only against
those who appear sufficiently likely to be opportunists.
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