The Economics of Property Rights

This chapter examines one of the most important institutions in market economies: private property rights. Private ownership of property rights over an asset typically consists of a ‘bundle’ of rights, which usually include: The right to use the asset; The right to exclude others from using the asset; and The right to dispose of the asset. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.