A model of externalities with sequential location choice is developed. The first mover decides on location before it knows the identity of the second mover. Joint location leads to a negative externality. The court, having limited information, allocates property rights over the externality based...

This paper discusses the psychological states associated with various theories of property. Many theories view property from the psychological perspective of the owner, describing how property enables an owner to create or present a self to the world, to enjoy a zone of liberty, to acquire the...