Private, Common, and Open Access Property Rights in Land -- An Investigation of Economic Principles and Legislation
Keywords:Property rights regimes, private property, common property, open access, institutional choice
AbstractAbstract. According to standard economic theory, private property rights in land are considered superior to alternative institutional choices, such as common property or open access. This article investigates the existence of differing property rights regimes in the field of Swedish real property law. The economic implications of the different institutional arrangements are examined, and support is found for varying property rights regimes, depending on physical and technical aspects of the land uses in question. In particular, when a certain land use presents economies of scale, common property rights can serve to reduce transaction costs.
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