Property Rights in the light of Economic Theory

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Other Title
  • 所有権と経済理論
  • ショユウケン ト ケイザイ リロン ヒトツ ノ シロンテキ コウサツ
  • An Attempt to Review Some Basic Concepts
  • 一つの試論的考察

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Abstract

This article attempts to review some basic aspects of property rights which are intertwined with the areas of law and economics. The author will be particularly concerned with the interface of law and economics on which property rights are underpinned. Taking issue with so-called Newcomb's Paradox, he will consider how one's free will exerts on the ownership of property. Arguing against Nozick's approach based upon neoliberalism, the author claims that a “tit-for-tat” strategy and its variation in the game-theoretic framework serve for its cooperative solution. The author also insists that the application of the Coase theorem to property rights be seriously hampered by the conditions of transaction costs and that a new light be shed on the problem by development of bargaining theory.

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