Benito Arruñada - Universitat Pompeu Fabra
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La propietat com a concepte econòmic: Compaginant els conceptes jurídic i econòmic de drets de propietat en un marc coaseano

 
Arruñada, Benito (2012), “La propietat com a concepte econòmic: Compaginant els conceptes jurídic i econòmic de les drets de propietat en un marc coaseano”, International Review of Economics, 59(2), 121-44.
 
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  Adopting a simplistic view of Coase (1960), most economic analyses of property rights disregard both the key advantage that legal property rights (that is, in rem rights) provide to rightholders in terms of enhanced enforcement, and the difficulties they pose to acquirers in terms of information asymmetry about legal title. Consequently, these analyses tend to overstate the role of “private ordering” and disregard the two key elements of property law: first, the essential conflict between property (that is, in rem) enforcement and transaction costs; and, second, the institutional solutions created to overcome it, mainly contractual registries capable of making truly impersonal (that is, asset-based) trade viable when previous relevant transactions on the same assets are not verifiable by judges. This paper fills this gap by reinterpreting both elements within the Coasean framework and thus redrawing the institutional foundations of both property and corporate contracting.  
 
 
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