Encyclopedia of Law and Economics
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Encyclopedia of Law and Economics

Edited by Gerrit De Geest

The second, expanded edition of the acclaimed Encyclopedia represents a major update of the most authoritative reference work in the field of law and economics and the nine print volumes are now released online as a single integrated product. The Encyclopedia provides balanced and comprehensive coverage of the major domain in law and economics, including: criminal law, regulation, property law, contract law, tort law, labor and employment law, antitrust law, procedural law, and the production of legal rules. Each theme or volume is overseen by a leading scholar and each of the 156 entries is prepared by an expert in the field, providing an in-depth and authoritative overview of the individual topic, combined with an exhaustive bibliography, allowing users to access and filter the entire corpus of literature in law and economics. As with the print edition, the Encyclopedia is unique in serving both as an entry point and a platform for advanced research. The online edition is enhanced with Elgaronline’s powerful search tools, facilitating the search for key terms across the entire Encyclopedia, whilst the browse function allows users to move seamlessly between the volumes. These elements combine to create a powerful research tool for any researcher or scholar in the field of law and economics.
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Index: Index

Boudewijn Bouckaert

[In: Volume 5, Boudewijn Bouckaert (ed) Property Law and Economics]

  • subtractible good, as 228, 258

  • see also pollution

  • Baden, John 253, 254

  • Baird, Douglas 195196, 277, 293295

  • Baker, Kenneth 200

  • Baldus de Ubaldis 20

  • banking 4344

  • Bankruptcy see security interests, creditors’ priorities and bankruptcy

  • Bankruptcy Code, US 273, 288, 290, 293299

  • Banner, Stuart 132

  • Bartolus de Saxoferrato 1920

  • Basu, Kaushik 135

  • Bebchuk, Lucian 281, 294

  • Belgium 119, 198

  • Benjamin, David 291

  • Bishop, Richard C. 56, 230

  • Blackstone, William 53, 231

  • Block, Walter 226, 250

  • bona fides 9, 13

  • Botswana 258

  • Bouckaert, B. 196

  • boundaries, costs of defending 6465, 256

  • Bow, James de 214

  • Bowers, James W. 1, 3, 275, 277278, 282, 287, 299

  • Bracton, Henry de 16

  • Bradley, Michael 295

    • behaviour 229, 257

    • decision-making 255, 257, 292

    • free market environmentalists, and 253254, 259

    • management , environmental goods and government failure 252254

    • motives 252253

    • public property, controlling 229

    • see also pollution; public goods and ownership; state

    • Burrows, Paul 175

  • Calderon, J. 194

  • Calabresi, Guido 164165, 166, 168, 170, 171, 175, 177

  • Canada 193, 243

  • Canon law 13, 14, 21

  • Cape Town Convention (2001) 43

  • capture, rules of see under original assignment of private property

  • Carlson, David 278, 281282

  • Catholic Church 13

  • Charles I, King 205

  • Ciriacy-Wantrup, Siegfried V. 56, 230

  • civil law systems 32, 35

  • Clark, Colin 233

  • clean air, subtractible public good, as 256

  • Clean Air Act (1970) (US) 239241, 247249

  • acid rain program 243247, 249

  • amended 241, 243, 245

  • National Ambient Air Quality Standards 240242, 248

  • sulfur dioxide allowance trading programme 243247

  • perceived problems and unresolved issues 246247

  • program design 243245

  • sulfur dioxide programme in operation 245246

  • climate change and global warming 249, 255

    • see also pollution

  • Coase, Ronald 107, 126, 130, 135, 232, 234, 261, 292

  • Cole, Daniel 3, 4, 261

  • collective landholding rights, elimination of 54

  • Columbus-American Discovery Inc.v Atlantic Mutual Ins. Co. (1992) 120

  • commodification 3, 117

  • common law

    • courts and public choice pressures 259

    • creditors 284285

    • development of 32

    • division of land under 127, 132133, 134, 135, 141, 153

    • England, in see under English law

    • environmental goods, ownership of 228, 235

    • first appropriation 109

    • leaseholds 135

    • remedies, pollution costs and 259

    • trusts 127

  • commons and common-pool resources see under private and common property rights

  • communal proprietorship see under private and common property rights

  • comparative view of property rights 3149

    • basic principles of property law 3132

    • constituent elements of Western property law frameworks 3132

    • developments 4249

    • accessority principle, less importance of 4748

    • changes in objects of property law 4344

    • p. 321flexibilisation of publicity principle 4546

    • flexibilisation of specificity principle 4546, 4849

    • growing acceptance of general and fluid security rights 4849

    • increasing importance of European and global integration 4243, 49

    • party autonomy in property law (numerus clausus) 33, 4445

  • nature of property rights 31, 3342

  • common law and civil law concepts compared 36, 49

  • effect against whole world 33

  • other property rights 4142

  • primary rights: ownership 3336

  • property rights as security 3941, 44, 47

  • property rights to use 3639

  • retention oftitle/reservation of ownership 36

  • transfer of ownership for security purposes 36

  • covenants

    • real see real covenants

    • restrictive see equitable servitudes

    • zoning law, and 4, 138139, 175176

  • Creative Commons licenses 63

  • Cuba 209, 210, 217

  • Dales, J.H. 226, 231, 238, 239

  • Dasgupta, Partha 225

  • Davis, Otto 251

  • De Geest, G. 196

  • de Soto, Hernando 194

  • Debate over Private Property, The (Ellickson, Rose and Ackerman) 54

  • Declaration des Droits de l’Homme et du Citoyen 2223

  • decomposition of property rights 2, 126154

    • disadvantages of sub-division 127128, 134

    • division requires rights and right to transfer interests 126127

    • leaseholds 135137

    • limited alienation of property – land tenure systems 129133

    • land productivity, effect of tenure on 130131

    • leaseholds 132133

    • US, in 130132

  • dematerialization of property 2, 4344

  • Demsetz, Harold 130, 132, 231, 232, 255, 261

  • Denman, D.R. 225, 229, 231, 236

  • Denmark 214, 248

  • Depoorter, Ben 129

  • developing countries culture and law, importance of relationship between 132

    • lack of recordation systems creating disadvantage 194

    • open access and common property in 5657, 132

    • water resources, nationalizing 57

  • Dharmapala, Dhamikka 119

  • Dixon, Kathrine 132

  • dominium 5, 1922, 2728, 34, 236, 252 content 1112 splitting 1920

  • Donellus, Hugo 20, 21

  • Dudek, Daniel 239, 248, 249

  • dust bowls 113, 233

  • Dutch law 33

  • apartments 39

  • no transfer of ownership for security purposes 36

    • ownership or property, rights of 34

    • property security rights and pledges 40, 48

    • specificity principle, flexibilisation of 46

  • easements 4, 38, 137, 139141

  • economic development, private property in 54

  • economics of slavery 2, 203219

    • African slave trade 205206

    • ancient and antebellum slavery, profitability of 211212

    • labour-force transitions and profits from slavery 215

    • labour practices contributing to profitability 212213

    • potential profits from reproduction 213214

    • profitability and race 215216

    • significance of Time on the Cross 211212

    • society’s role in profitability of antebellum slavery 214

    • antebellum slavery, efficiency of 216217

    • Atlantic slave trade, profitability of 206207

    • costs 203, 206, 208, 215, 217, 219

    • history 3, 7, 11, 204205

    • internal slave market 207208

    • manumission rules 203, 204

    • modern times, slavery in 217219

    • profitability and efficiency of nonantebellum slavery 217

    • slave prices 208211

    • individual characteristics 208209

    • market conditions 210211

    • validation and rights of slave ownership 203204

  • economies of scale 65, 259, 274275, 276

  • Eggertsson, Thrainn 230, 234

  • Egypt and Egyptian law

    • ancient Egyptian property law 5, 7, 8

    • recordation 191192

    • slavery 204, 210

  • Elizabeth I, Queen 207

  • Ellenborough Park, Re [1956] 38

  • Ellickson, Robert 54, 138, 170, 171, 260

  • Eltis, David 207

  • emissions reduction credits 242243

  • emissions trading see pollution

  • enclosures 54, 64, 228, 254

  • endangered species and habitat 154, 229, 250

  • enforcement costs in common property regimes 55

  • Engerman, Stanley 208, 211212, 216

  • England

  • English law 33

  • Environmental Protection Agency (US) 239242, 245249

  • environmental goods, property rights in 3, 4, 225262

    • Clean Air Act’s sulfur dioxide allowance trading program 243247

    • perceived problems and unresolved issues 246247

    • program design 243245

    • sulfur dioxide market in operation 245246

    • concept of property 225

    • free market environmentalists 251256

    • critique of 256260, 261

    • meaning of ‘environmental good’ 226229

    • other pollution ‘rights’ trading schemes 247249

    • property-regime choice for environmental protection 260261

    • property rights-based environmental regulation, development of 239243

    • banking 242243

    • bubbles 241242

    • netting 240

    • offsets 241

    • property rights-based environmental regulation, theory of 3, 236239

    • pollution control by rights trading 236238

    • tax based pollution control regime 238

    • property rights solution see environmental problems, property rights solution to

    • rights trading schemes as method of environmental regulation 249250

    • institutional guidelines 249

    • p. 324tragedy of open access 232234

    • privatization 232, 233, 235

    • regulatory solutions 234236

    • typology of property regimes 229232

    • conflation of ‘common property’ with ‘open access’ 230

    • nature of rights and duties 231

  • environmental problems, property rights solution to 250256

  • free market environmentalists 251252

  • government failure in managing public natural resources 254

  • privatization as solution to 254256

  • privatization

  • conserving and producing environmental goods 256

  • constitution of 251

  • solution to government failures, as 254256

  • public environmental goods, government and 252254

  • symptoms of market failure, as 251

  • worldwide trend towards privatization 250251

  • environmental protection, property-regime choice for 260261

  • Environmental Protection Act (1991) (Denmark) 248

  • Epstein, Richard 143, 150, 254

  • equitable servitudes 4, 137, 139, 140, 141, 147151

  • changed conditions 148

  • homeowners associations 150151

  • privity 148149

  • Europe

    • common property, status of 54

    • feudal system 1920, 22, 24, 192, 215

    • law see European law

    • Middle Ages 1820

    • privatization leading to ‘environmental tragedies’ 258

    • property ownership 6, 53

    • recordation 192

    • slavery 3, 207, 217, 219

  • European Commission 43, 48

  • European Convention on Human Rights (ECHR) 25

  • European Court of Human Rights 25

  • European law

    • English law, distinguished from 16, 17, 18

    • feudal law 1920

    • French law see French law

    • Germanic law see Germanic law

    • nuisance 2425

    • property law, and 2

    • Roman law, and 1820

  • European Union 3

    • consumer transactions and protection 43

    • Draft Common frame of reference 43

    • Euro-mortgage 40, 48

    • property law, growing body of 4243

    • property security rights 39, 40

  • evidence, costs of 184, 186

  • exclusion costs 114115, 228, 234, 236, 256, 261

  • Feder, Gershon 70

  • Federal Agency Regulatory Commission 247

  • Federal Bureau of Reclamation (US) 254

  • feudalism see under England; Europe; France; legal history, property rights in

  • Field, E. 194, 195

  • finders keepers rule for finds 108, 109, 111, 119120

  • Finlay, Moses 204, 211

  • fiscal collection and taxation 150, 191, 196, 235, 238, 247, 251, 289, 296

  • Fischel, William 139, 150

  • fisheries 5657, 5962, 67, 69, 109, 117, 232

  • Fitzpatrick, Daniel 132

  • Flath, David 135

  • Fogel, Robert 208, 211212, 216

  • Forestry Commission (UK) 258

  • forests 5657, 58

    • Federal timber management policies, failures in 254, 255

    • good stewardship by private owners 256

    • poor management by private owners 257258

    • privatizing 256, 258 p. 325states not selling 250

    • tradeable development permits to conserve New Jersey Pinelands 248

  • Fountainbleu Hotel Corp.vForty-five Twenty-five, Inc. (1950) 227

  • France 2124

    • bankruptcy, threat of 2122

    • Declaration des Droits de l’Homme et du Citoyen 2223

    • equality 2223, 28

    • feudalism 22, 24, 28

    • French Revolution 6, 21, 25, 28, 34, 43, 49, 192

    • law see French law

    • National Assembly 22

    • slave colonies, trade with 214

  • free market environmentalists 226, 234, 251256

    • clean air not inevitably a public good 256

    • criticising pollution ‘rights’ trading schemes 250

    • critique of 256260, 261

    • natural resource holdings, sale of 250

    • privatization to solve failures in managing public resources 254256

    • conserving and producing environmental goods 256

  • French law

    • code of law 2324, 33, 192, 198

    • ownership rights of property

  • absolute ownership 22, 24, 28

  • apartments 39

  • characteristics of ownership rights 34

  • divided ownership 24, 26, 28, 34

  • history 2124, 26

  • property security rights, pledges and hypothecs 39, 40, 42, 48, 49

  • recordation of 192, 198

  • specificity principle, flexibilisation of 46

  • subject matters of ownership 3334

  • suretyships 4142

  • trusts 26, 28

  • French, Susan 145146

  • Fried, Jesse 281

  • FuentesvShevin (1972) 284

  • Funk, William 260

  • Gaius 5, 9, 109

  • Galenson, David 206

  • Gasus Dosier-und Fordertechnik GmbHvThe Netherlands [1989] 25

  • GehnvRich (1881) 121

  • General Accounting Office, US 247

  • General Act of Brussels 217

  • Genovese, Eugene 211, 212, 217

  • Germany

    • law see Germanic law

    • Nazis 218

    • slavery in colonies 217

    • village communities, Maine and 53

  • Germanic law 33

    • acquisition rights 41

    • apartments 39

    • civil code 26, 41

    • common property 53

    • community interests restricting ownership 14, 26, 27

    • divided ownership 26

    • history 1314, 26

    • options to purchase 41

    • ownership rights of property 56, 27

    • restricted to tangible objects 34

    • property security rights and Grundschuld 40, 44, 4748, 49

    • Reallast 38

    • recordation of transactions 192, 198, 200

    • Roman law, and 5, 14

    • servitudes 38

    • trusts 26, 28

    • uniform concept of ownership 26

    • unity in, lack of 19

  • Gilson, Ronald 296

  • global warming see climate change and global warming

  • Glossators 19, 20

  • Goodman, Sandra 251, 253, 255

  • government see state

  • Gratianus 13

  • grazing, open access as 5657

  • Greece

  • p. 326greenhouse gases 249

  • Grossi, Paolo 5354

  • Grotius, Hugo 2021

  • Guerinoni, Morris 195

  • Land Registration (1925) (UK) 193

  • Land Registry Act (1862) (UK) 192

  • land tenure systems, alienation of property and 129133

  • landlords see leasehold

  • Larson, Bruce 59, 233

  • Latin America 198

  • Latin, Howard 239

  • Law of Property Act (1925) (UK) 1718, 35, 37, 41, 193

  • Law Reform Committee (UK) 140

  • lead in gasoline, trading rights in 248, 249

  • Leal, Donald 226, 250, 251252, 254256, 259260

  • leaseholds 17, 37, 132133, 135137

    • environmental goods 238239

    • personalty 153

  • legal history, property rights in 530

    • Canon law 13, 14

    • codifications 5

    • Egyptian law see Egypt and Egyptian law

    • English law see English law

    • European mainland, ownership of property in 2324

    • infringements on absoluteness of ownership 2425

    • infringements on uniformity of ownership 2526

    • see also European law

    • feudal system 6, 15, 17, 1920, 22, 24

    • types of ownership 2021, 22, 2728

    • Germanic law see Germanic law

    • Greek law see under Greece

    • increase in different types of ownership 28

    • meaning of property rights 5, 27

    • Mesopotamian codes of law 5, 67

    • natural law 13

    • influence on property law 2021

    • Roman property law see Roman law and society

    • resurrection in Europe 1820

    • uniform concept of ownership 6

  • less developed countries see developing countries

  • Levmore, Saul 276, 280, 282, 287

  • Lewin, Jeff 164

  • Libecap, Gary 69, 107, 233, 234, 253, 254, 260

  • licenses 63, 137, 205, 251

  • liens 3

  • litigation costs 119, 184, 186

  • Locke, John 21, 109

  • London County CouncilvAllen (1914) 142

  • London Times 214

  • LoPucki, Lynn 281

  • Louis XVI, King 2122

  • low productivity in common property regimes 55

  • Lueck, Dean 112, 130131, 259

  • Napoleon and Napoleonic era 23, 24, 28

  • National Ambient Air Quality Standards 240242, 248

  • nationalizing natural resources 57

  • Native Americans

    • alienation and Reservation lands 130, 132

    • appropriation of land by colonists 108109, 120

    • culture and ownership 132

    • disease, and 205, 215

    • enslavement 205

    • land tenure and productivity 130131

    • squatters on frontier land, and 120

  • natural law see under legal history, property rights in

  • Nature Conservancy 256

  • Nelson, Robert 259

  • nemo dat rule 32

  • Nepal 57, 62, 193

  • Netherlands, The 214

  • Law see Dutch law

  • Netting, Robert 6465

  • New York Law Society 193

  • Noll, Roger 234

  • Norman Conquest 6, 1415, 16, 35

  • North Georgia Finishing Inc.vDi-Chem Inc. (1975) 284

  • nuisance 2, 140, 161179

  • alternative approaches to resolution of disputes 174178

  • Ellickson on zoning 175177

  • Merrill on trespass 177178

  • more centralised approaches 175, 178

  • more decentralised approaches 174175, 178

  • comparative nuisance and differing systems 178

  • definition 2425, 161

  • entitlements, determining: ‘coming to the nuisance’ doctrine 172173

  • European law 2425

  • impact of rules on bargaining

  • outcomes and investment 173174

  • internalizing pollution costs 259

  • law and economics approach to nuisance law 163167

  • Calebresi and Melamed’s Framework 164165

  • Coase 163164, 165

  • nuisance as form of externality 163

  • transaction costs, importance of 166167

  • remedy, important factors in determining appropriate 170172

  • enforcement 170

  • entitlement and wealth effects 171172

  • institutional costs 170171

  • numbers: public v private nuisances 161, 170

  • traditional legal approach to nuisance 161162

  • transaction costs, magnitude of, choice of remedies and 167169

  • high transaction costs 167168

  • low transaction costs 168169

  • numerus clausus 11

    • decomposition, limiting to efficient level 129

    • party autonomy in property law 4445

    • principle of 2, 32, 44, 46

    • property rights functioning in 3132, 33

    • rule of 31

    • title recordation, and 199

  • oceans 250

    • Atlantic Ocean slave trade 205206

    • not yet appropriated asset, as 107, 109

    • open seas, open access as 56, 225

    • resources, conserving 250

    • see also water

  • oil production 6869, 109, 114, 116, 228

  • Olmstead, Frederick Law 211

  • Olson, Mancur 69

  • On the Law of War and Peace (Grotius) 21

  • open access property regimes see under private and common property rights

  • p. 329open seas see under oceans

  • opportunity 189, 210, 229

  • original assignment of private property 2, 107125

    • first appropriation, auction or contracts 108114

    • auction as alternative for first appropriation rule 111112

    • claimant homogeneity/ heterogeneity and rent dissipation 110111, 112, 113, 119

    • contracts establishing property rights 112113

    • first appropriation rule firmly rooted 108109, 118

    • resource stock and resource flows possession, distinction between 109110

    • rule of first appropriation 108111

    • origins and examples of assignment problem 197

    • possession, definition of as title for initial acquisition 108, 118121

    • clarity of signs of possession 118119

    • stimulation of heterogeneity among claimants 119121

    • rules of capture 114118

    • capturing only flows risks open access dissipation 114115, 116

    • common property arrangement and regulations 115116

    • intensive and stable group interaction 116117

    • maintaining homogenous group membership by equal contingent rules 117

    • restriction of transfer of right to capture 117118

  • Ormet CorporationvOhio Power Company (1996) 245

  • Ostrom, Elinor 2, 5762, 6669, 129, 230231, 233, 257, 260261

  • over-fractionalization, 128129

  • Ovid 225

  • ownership see property

  • PalazzolovRhode Island (2001) 128

  • Papinian 10

  • Pareto improvements 138, 139, 142, 146, Parisi, Francesco 129

  • party autonomy 2, 33

  • Patterson, Orlando 204, 217

  • Persia 217

  • Peru 194, 209

  • Philippines 62

  • Picker, Randal 278, 280, 285, 295

  • PiersonvPost (1805) 109, 118, 119

  • Pigouvean approach 163

  • Pitchford, Rohan 119, 173174

  • Place, Frank 61

  • pledges 3, 3940, 46, 47, 49

  • personalty 153154

  • Polinsky, A. Mitchell 166, 168, 169, 171

  • pollution 115, 161, 175

    • acid rain program 243247, 249

    • Clean Air Act’s sulfur dioxide allowance trading programme 243247

    • criticism of pollution ‘rights’ trading schemes 250

    • greenhouse gases 249

    • internalizing costs of, common law remedies and 259

    • lead in gasoline, trading rights to use 248, 249

    • other pollution ‘rights’ trading schemes 247249

    • pineland conservation, tradeable development permits for 248

    • property rights-based environmental regulation, development of 239243

    • banking 242243

    • bubbles 241242

    • netting 240

    • offsets 241

    • property rights-based environmental regulation, theory of 3, 236239

    • pollution control by rights trading 236238

    • tax based pollution control regime 238

    • Regional Clean Air Incentives Market (RECLAIM) 248

    • p. 330rights trading schemes as method of environmental regulation 249250

    • Royal Commission on Environmental Pollution 251

    • transferable pollution permits as partial privatization 251

    • water pollution, tradeable rights in 248, 250

    • see also atmosphere

  • Portugal 198, 205, 208, 214

  • Posner, Richard 134135, 152, 168, 170

  • possession

    • acquisition, and see under original assignment of private property

    • based property and title systems, costs compared 195196

    • rules 195196

  • Powell, R. 193

  • PrahvMaretti (1982) 227

  • prescription periods 183, 187189

  • Prince Henry the Navigator 205

  • prior tempore rule 32

  • private and common property rights 2, 53106, 230

  • common-pool resources 5758, 230

  • attributes conducive to use of communal proprietorship 6369

  • attributes conducive to use of individual rights 6971

  • managing 5859, 60, 64

  • property rights relevant to use 5961

  • common property

  • changing from to private property 54

  • historical 53, 54, 115

  • land held in commons 115116, 117118, 230

  • open-access regimes, and 55, 5657, 230

  • reasons for inefficiency 55

  • common-property resource 57, 58

  • flow of resource units and the resource 55, 5859, 109110

  • resource systems and common-property regimes 55, 5758

  • commons, definition of 230

  • communal proprietorship and property regimes 6369

  • attributes conducive to development 65

  • performance 6769

  • sharing risks 6566

  • twenty-first century, in 7172

  • confusions generating misunderstandings 5559

  • economic debate over 5455

  • private property as essential ingredient in economic development 54

  • private property rights requiring rules 55

  • emergence of property systems 107108

  • individual rights to withdrawal, management, exclusion, alienation 6971

  • legal debate over 5354

  • elimination of collective landholding rights 55

  • origin of concept of property 53

  • open access regimes 55, 5657, 107, 114115, 116

  • environmental goods, and see under environmental goods, property rights in

  • private property, meaning of 54

  • property as bundles of rights 5963

  • alienation, property rights defined

  • as equivalent to 59, 60, 6162, 6667

  • no property-rights regime working equivalently in all settings 61

  • tenure niches 60

  • tragedy of the commons see tragedy of the commons

  • private ownership of environmental goods see free market environmentalists

  • privatization

    • conserving and producing environmental goods 256

    • constitution of 251

    • costs of 260

    • Europe, in 258

    • free market environmentalists, and 251252

    • p. 331critique of 256260, 261

    • government failures managing public natural resources, solution to 254256

    • natural resource holdings not sold 250

    • partial, transferable pollution permits as 251

    • roads 260

    • tragedy of open access, and 232, 233, 235

    • water, of 7071

    • worldwide trend towards 250251

  • Problem of Social Cost, The (Coase) 163, 178

  • Problem of the Commons, The (Ellickson, Rose and Ackerman) 54

  • profits/profit a prendre 137, 141

  • property

    • assignment of private property see original assignment of private property

    • decomposition of property rights see decomposition of property rights

    • private and common rights see private and common property rights

    • regimes, typology of 229232

    • rights,comparative view of see comparative view of property rights

    • rights in environmental goods see environmental goods, property rights in

    • rights in legal history see legal history, property rights in

  • Prosser, William 163

  • Prussia 192

  • public choice 108, 234, 252, 259

  • public goods and ownership 58, 229, 230231, 233235, 238

    • economies of scale, and 259

    • environmental goods, bureaucratic management and government failure 252254

    • justification for public control 253

    • free market environmentalists, and 251252, 253

    • government failure in managing public natural resources 254

    • privatization as solution 254255

    • public policies guaranteeing open access 56

    • see also bureaucrats; pollution; state

  • publicity, principle of 32, 4647

  • ‘Puzzle of the Secured Debt, The’ (Schwartz) 279280

  • rangeland grazing management, failures in 228, 254

  • Rasmussen, Robert 294, 295, 296

  • Reagan, President

    • privatization of public lands 257

    • Reagan/Thatcher economics 250

  • real covenants 137, 139, 141147, 148149

  • Reckoning with Slavery (David) 212

  • recordation of interests see title systems and recordation of interests

  • Regional Clean Air Incentives Market (RECLAIM) 248

  • regulation

    • categories of 235236

    • property rights-based environmental regulation, development of 239243

    • banking 242243

    • bubbles 241242

    • netting 240

    • offsets 241

    • property rights-based environmental regulation, theory of 3, 236239

    • rights trading schemes as method of environmental regulation 249250

  • Reichman, Uriel 143, 144, 148

  • reliance costs 185

  • remedies, choice of, transaction costs and 167169

  • p. 332rent dissipation

  • common property regimes 55, 115

  • first appropriations 110111, 112, 113, 119

  • rent-seeking behaviour of rulers 55

  • res nullius 56

  • Reservation lands see under Native Americans

  • resource systems see under private and common property rights

  • Restatement of Torts (1939) (US) 162

  • Restatement (Second) of Torts (1969) (US) 162

  • restrictive covenants see equitable servitudes

  • reverse liability rule 165

  • riparian rights 115, 118

  • see also oceans; water

  • Roe, Mark 291, 294

  • Roman Empire 3

  • Roman law and society 5

  • developments of 812

  • occupation of Britain 9

  • Roman law 21, 32, 34, 38, 39, 40

  • absoluteness as fundamental characteristic of ownership 5, 12, 14, 17, 27

  • definition of 27

  • actio as foundation of system 1011

  • acquisitive prescription (usucapio) 183

  • Canon law, and 13

  • codifications of law 5, 910

  • Corpus Iuris Civilis 5, 6, 910, 11, 12, 1819, 20

  • divided ownership, concept of 6

  • dominium 5, 1112, 1920, 27

  • France, in 22

  • Grotius, and 21

  • environmental goods, ownership of 225, 228, 235

  • fall of empire, after 1314

  • first appropriation (occupatio) 108109

  • Institutes of Justinian 225

  • ius civile Quiritium (civil code) 12, 27

  • ius naturale 12

  • Lex Duodecim Tabularum (Law of the Twelve Tables) 5, 9, 10

  • numerus clausus 2, 11

  • Praetorian ownership 12, 20, 27

  • property law, growth of 9

  • title recordation (in iure cessio and mancipatio) 191

  • treasure trove (thesaurus) 109

  • Roman political trilogy 89

  • Monarchy 8, 11, 27

  • Principate 9, 27

  • Republic 89, 11, 27

  • slavery 11, 203, 204, 207, 208, 211, 212, 213

  • Romulus Augustus 13

  • Roquas, E. 195

  • Rose-Ackerman, Susan 130

  • Rose, Carol M. 54, 261

  • Rosenzweig, Michael 295

  • Rousseau, Jean-Jacques 21

  • Royal African Company 205, 206

  • Royal Commission on Environmental Pollution (UK) 251

  • Rule against Perpetuities 134, 152

  • rules and rulers, requirement for property systems of 55

  • Russia 217

  • Scandinavia 204

  • Schlager, Edella 59, 60, 62, 67, 233, 260

  • Schroder, Robert 248

  • Schwab, Stewart 167

  • Schwallie, Daniel 136

  • Schwartz, Alan 279282, 287, 295, 298

  • Scott, James 279

  • Scott, Robert 277, 280281, 292

  • search and verification costs 112, 184, 195197, 199200

  • seas see under oceans

  • security interests, creditors’ priorities and bankruptcy 3, 270300

    • assets and claimant-type based remedies 272273, 278283

    • asset-based security as individual remedy 282283

    • inefficient solutions to the puzzle 281282

    • legal justification for security 278279

    • p. 333possible efficient puzzle solutions 280281

    • secured debt puzzle 279280

    • corporate reorganization and reconfiguring contractual priorities ex post 274, 290300

    • bankruptcy and investment incentives 296299

    • contribution of capital markets to capital design structure 292293

    • nonbankruptcy law’s response to perverse investment incentives 300

    • nonbankruptcy organizational solutions to structural problem 292

    • optimal capital structure design 291292

    • problem of corporate borrower 290291

    • proposals for curing valuation problem 294296

    • structures with preplanned liquidations 299300

    • valuation problem with bureaucratic solutions 293

    • debt obligation 3, 270272

    • debt enabling creation of credible commitments 271272

    • over-investment incentive 270271, 297298

    • subordination of equity 270271

    • under-investment risk 271, 298299

    • economic justification of creditor priorities 273, 283290

    • first-to-perfect priority among secured creditors 286

    • liquidation bankruptcy priority 288290

    • nonbankruptcy first-in-time priority 283286

    • nonbankruptcy later-in-time priorities 286288

    • individual remedies and collective proceedings 272, 273278

    • collective action problem model 276278

    • collective proceedings for heterogenous claims 275276

    • creation of collective debt 274275

    • individual and collective legal remedies 275

    • individualistic creation of debt obligations 273274

    • justifying collective bankruptcy processes 276

    • systems of debt enforcement 272273

  • semi-commons systems 115116

  • serfdom 204, 215

  • servitude, right of 38, 4445

  • Shavell, Steven 167, 168, 169, 170

  • Sherman Anti-trust Act (1890) (US) 56

  • Shupack, Paul 280

  • SickmanvUnited States (1950) 153

  • Siegan, Bernard 138

  • Sirmans, C.F. 199, 200

  • Slavery see economics of slavery

  • Slavs 204

  • Smith, R. 16, 55

  • SnaidachvFamily Finance Corp. (1967) 284

  • Snyder, C. 173174

  • society, private property explaining growth of 54

  • Solow, Barbara Lewis 135, 262

  • Somerset case (1772) 217

  • Soviet Union 218219

  • Spain 62, 198, 204205

  • species habitat 228229, 250, 259

  • specificity, principle of 32, 4546, 4849

  • Spur Industries, IncvDel. E. Webb Development Co. (1972) 165

  • stacking 45

  • Stake, Jeffrey Evans 2, 4, 133134, 143, 144145, 148

  • state

    • environmental goods, bureaucratic management and government failure 252254

    • government failure in managing public natural resources 254

    • regulation by 236238, 251

    • see also bureaucrats; pollution; public goods and ownership

  • State Utility Forecasting Group 243

  • Statute of Limitations 183

  • p. 334Statute Quia Emptores (1290) 130

  • Stewart, Richard 238

  • Stroup, Richard 251, 253, 254, 255

  • substitution costs 228

  • Sudan 66, 206

  • Switzerland 6465, 66, 198

  • Tadman, Michael 207

  • ‘takings’ doctrine 128

  • Talley, Eric 168, 169

  • taxation and fiscal collection 150, 191, 196, 235, 238, 247, 251

    • tax collectors as creditors 289

  • tenants see leaseholds

  • technological developments 129

  • barbed wire, land enclosure and 228, 256

  • solar power and development 140

  • telepossession 120

  • temporal division of land via estate system 133135

  • Thailand 57, 70, 193

  • Thatcher, Margaret 250

  • timber see forests

  • Time on the Cross (Fogel and Engerman) 211212

  • title insurance 191, 193, 199, 200

  • title systems and recordation of interests 2, 32, 47, 138, 191201

    • aims 191

    • definition 191

    • economic development, critical factor of 194195

    • property effects of recordation 194

    • history 191193

    • registration or recording systems 197201

    • efficiency of choice between 199201

    • recordation only declaratory 197198

    • registration constituting valid titles 198

    • security in transaction: rule of possession or title system 195197

    • territorial monopolies 197

    • verification rules 195196

    • types 191193

  • Torero, M. 195

  • Torrens, Robert Richard 193

  • Torrens system 193, 198

  • tradeable permits see pollution

  • tragedy of the commons 54, 115116, 129, 132, 225226, 232234

    • avoiding 55 , 129, 132, 232, 234236

    • environmental goods, and see environmental goods, property rights in

    • tragedy of the ‘political commons’ 254

    • see also private and common property rights

  • transaction costs 232

  • transparency, principle of 32

  • treasure trove 109, 119120

  • trespass 34, 164, 168, 177178, 259

  • Tripp, James 239, 248, 249

  • trusts see under English law; decomposition of property rights ; French law; Germanic law

  • p. 335TulkvMoxhay (1848) 147

  • Turkey 193, 217

  • Turnbull, Geoffrey 139, 199, 200

  • Ulpian 10

  • uncertainty costs 184, 187188, 195

  • Unicitral 43

  • Unidroit draft Convention on intermediated securities 43

  • Uniform Commercial Code 284, 286287

  • Uniform Domain-Name Dispute-Resolution Policy (UDRP) 197

  • Uniform Simplification of Land Transfer Act (1976) (US) 193

  • United Kingdom (UK)

    • England see England

    • industrialization 205206, 217

    • privatization of forests 258

    • slavery and abolition 205206, 217

    • wildlife 118

  • United Nations

    • Framework Convention on Climate Change 249

    • General Assembly 217

  • United States (US)

    • adverse possession 108, 183, 186, 188

    • bankruptcy see security interests, creditors’ priorities and bankruptcy

    • bankruptcy judges 277

    • Civil War 208, 211, 217

    • clean air see Clean Air Act (1970) (US)

    • communal proprietorship 66

    • Congress 131, 243246, 253, 296

    • Constitution 245

    • contracts establishing property rights 113114

    • decomposition of property rights 128129, 130132

    • Department of Justice 56

    • easements 139140

    • enclosure of public land 228, 256

    • environmental goods and tradeable pollution rights 239249

  • Clean Air Act’s sulfur dioxide allowance trading programme 243247

  • development of property rights-based environmental regulations 239243

  • other pollution ‘rights’ trading schemes 247249

    • Environmental Protection Agency 239242, 245249

    • equitable servitudes 149

    • Federal Agency Regulatory Commission 247

    • Federal Bureau of Reclamation 254

    • Federal timber management policies, failures in 254

    • first appropriation 108109, 113, 120121

    • General Accounting Office 247

    • National Ambient Air Quality Standards 240242, 248

    • Native Americans see Native Americans

    • nuisance 161162, 178

    • open-access regimes 56

    • personalty 153

    • prescription statutes 188189

    • privatization of public lands 257

    • rangeland grazing management, failures in 228, 254

    • real covenants 142146

    • recordation of transactions 191, 193, 198, 200201

    • slavery 3, 203, 205206, 207217, 219

    • abolition 217

    • efficiency of 216217

    • profitability of 211216

    • ‘takings’ doctrine 128

    • wildlife and wild animals 118, 153

  • United StatesvCausby (1946) 228, 235

  • unitization contracts 6869, 116

  • usage, division of land by see under decomposition of property rights

  • usufructs 11, 18, 3637, 238

  • p. 336Wahl, Jenny 2

  • Wales 193, 198

  • Wang, William 134

  • Warren, Elizabeth 281

  • waste, doctrine of 134135

  • Water

    • allocation 61, 66, 68

    • common-pool resource, as 5859

    • developing countries nationalizing resources 57

    • essential nature of 228

    • environmental goods, providing 225, 228229

    • global issues, and 73

    • harmful water projects 254

    • law 261

    • negative easement over 139

    • not yet appropriated asset, as 107, 109

    • not subject to private ownership 225

    • oceansand seas see oceans

    • ‘privatization’ 7071

    • rights to water tied to land ownership 115

    • threat to cut offsupply 285

    • tradeable water pollution rights 248, 250

    • state ownership 57, 250

    • wastewater 251

  • West Indies 205206, 209, 211, 212213, 214

  • wetlands 250

  • whaling 121, 154

  • White, James 280

  • Williams, Eric 206207

  • Wiggins, Steven 69

  • wild game, animals and wildlife 55

    • Federal wildlife preservation policies, failures in 254

    • ownership and original assignment of 109, 114, 116, 118, 121, 141

    • divided ownership, and 153154

    • wildlife habitat, private provision of 256, 259

  • William the Conqueror 6, 1415, 35, 204

  • Wilson, James 67

  • Winokur, James 142, 149, 150151

  • Without Consent or Contract (Fogel) 212

  • Wittman, Donald 172173

  • Wright, Gavin 216