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第1页共11页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共11页TowardsaTheoryofPropertyRightsHaroldDemsetzTheAmericanEconomicReviewVolume57,Issue2May,1967,347-359.IndexIntroductionTheConceptandRoleofPropertyRightsTheEmergenceofPropertyRightsTheCoalescenceandOwnershipofPropertyRightsIntroductionWhenatransactionisconcludedinthemarketplace,twobundlesofpropertyrightsareexchanged.Abundleofrightsoftenattachestoaphysicalcommodityorservice,butitisthevalueoftherightsthatdeterminesthevalueofwhatisexchanged.Questionsaddressedtotheemergenceandmixofthecomponentsofthebundleofrightsarepriortothosecommonlyaskedbyeconomists.Economistsusuallytakethebundleofpropertyrightsasadatumandaskforanexplanationoftheforcesdeterminingthepriceandthenumberofunitsofagoodtowhichtheserightsattach.Inthispaper,Iseektofashionsomeoftheelementsofaneconomictheoryofpropertyrights.Thepaperisorganizedintothreeparts.Thefirstpartdiscussesbrieflytheconceptandroleofpropertyrightsinsocialsystems.Thesecondpartofferssomeguidanceforinvestigatingtheemergenceofpropertyrights.Thethirdpartsetsforthsomeprinciplesrelevanttothecoalescingofpropertyrightsintoparticularbundlesandtothedeterminationoftheownershipstructurethatwillbeassociatedwiththesebundles.TheConceptandRoleofPropertyRightsIntheworldofRobinsonCrusoepropertyrightsplaynorole.Propertyrightsareaninstrumentofsocietyandderivetheirsignificancefromthefactthattheyhelpamanformthoseexpectationswhichhecanreasonablyholdinhisdealingswithothers.Theseexpectationsfindexpressioninthelaws,customs,andmoresofasociety.Anownerofpropertyrightspossessestheconsentoffellowmentoallowhimtoactinparticularways.Anownerexpectsthecommunitytopreventothersfrominterferingwithhisactions,providedthattheseactionsarenotprohibitedinthespecificationsofhisrights.Itisimportanttonotethatpropertyrightsconveytherighttobenefitorharmoneselforothers.Harmingacompetitorbyproducingsuperiorproductsmaybepermitted,whileshootinghimmaynot.Amanmaybepermittedtobenefithimselfbyshootinganintruderbutbeprohibitedfromsellingbelowapricefloor.Itisclear,then,thatpropertyrightsspecifyhowpersonsmaybebenefitedandharmed,and,therefore,whomustpaywhomtomodifytheactionstakenbypersons.Therecognitionofthisleadseasilytothecloserelationshipbetweenpropertyrightsandexternalities.第2页共11页第1页共11页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共11页347Externalityisanambiguousconcept.Forthepurposesofthispaper,theconceptincludesexternalcosts,externalbenefits,andpecuniaryaswellasnonpecuniaryexternalities.Noharmfulorbeneficialeffectisexternaltotheworld.Somepersonorpersonsalwayssufferorenjoytheseeffects.Whatconvertsaharmfulorbeneficialeffectintoanexternalityisthatthecostofbringingtheeffecttobearonthedecisionsofoneormoreoftheinteractingpersonsistoohightomakeitworthwhile,andthisiswhatthetermshallmeanhere.“Internalizing”sucheffectsreferstoaprocess,usuallyachangeinpropertyrights,thatenablestheseeffectstobear(ingreaterdegree)onallinteractingpersons.Aprimaryfunctionofpropertyrightsisthatofguidingincentivestoachieveagreaterinternalizationofexternalities.Everycostandbenefitassociatedwithsocialinterdependenciesisapotentialexternality.Oneconditionisnecessarytomakecostsandbenefitsexternalities.Thecostofatransactionintherightsbetweentheparties(internalization)mustexceedthegainsfrominternalization.Ingeneral,transactingcostc...