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Demsetz: Toward a theory of property rights

Disclaimer. Don't rely on these old notes in lieu of reading the literature, but they can jog your memory. As a grad student long ago, my peers and I collaborated to write and exchange summaries of political science research. I posted them to a wiki-style website. "Wikisum" is now dead but archived here. I cannot vouch for these notes' accuracy, nor can I say who wrote them.

Demsetz. 1967. Toward a theory of property rights. American Economic Review 57 (May): 347-359.


Y: emergence of new property rights

X: transactions costs relative to resource value. The gains of internalization become larger than the (transactions) costs of internalization.

Three ideal types of ownership:

Research by the same authors

Research on similar subjects


Demsetz, Harold (author)EconomicsProperty RightsPublic GoodsExternalitiesCollective ActionTragedy of the Commons

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