Do patents behave substantially like property rights in tangible assets, in that they encourage development and … benefits all indicate that general property rights institutions have a substantial direct effect on economic growth. Conversely …, with a few important exceptions like chemicals and pharmaceuticals, empirical evidence indicates that intellectual property …

In theory, property rights allow markets to achieve Pareto optimal allocations. But the literature on contracting … largely ignores what happens when property rights are imperfectly defined and enforced. Although some models include weak …

How should the economic performance of property systems be evaluated? Benefit-cost analysis is widely used to evaluate … non-market based regulation when prices are not available. Market prices provide better information for property systems …, but market prices are not necessarily socially optimal when property rights are imperfect. This paper discusses two …