Property rights in productive assets are commonly held by legal entities rather than individuals. Only persons can own property, and the law defines persons to include organizations such as corporations, partnerships, and trusts. This chapter addresses the related issues of the justification for...

Property rights have become fundamental in economic analysis. Given their importance, it might be expected that there would be some consensus in the economics literature about the meaning of property rights. But no such consensus appears to exist. Economists define property rights in various and...

Property rights are fundamental in economic theory. There is, however, no consensus in the economic literature about what property rights are. Economists define property rights variously and, sometimes, in ways that conflict with the conventional understandings of legal scholars and judges. This...

Property is complex but nonetheless, decisions-makers need to make decisions relating to property all the time. This paper uses both traditional law and economics and behavioral law and economics to theoretically consider how decision-makers may make decisions with respect to property. It...

Is the common law efficient? Neoclassical economists debate whether our inherited systems of judge-made law maximize wealth whereas Austrian economists typically adopt much different standards. The article reviews neoclassical and Austrian arguments about efficiency in the common law. After...