the author edited, Law and Economics of Possession. Then, this article applies the economy of concept theory developed by …

symposium sponsored by the Harvard Law Review on “The New Private Law Theory.” In his lead Article, Professor Smith critiques … what he calls the “bundle” picture of property, which he attributes to Legal Realists. Using an economic theory of … philosophy. Smith's and my methodological differences may be of interest to the New Private Law Theory, which encourages close …

picture captures too much to be a theory. By contrast, the information cost, or architectural, theory proposed here captures … law of nuisance, covenants, and zoning. In contrast to the bundle of rights picture, the modular theory captures how a … from the modular architecture. The Article then shows how the information cost theory helps explain some puzzling phenomena …