Property Right

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A Property Right is a right construct for determining how a resource is used and owned.




  • (Wikipedia, 2023) ⇒ Retrieved:2023-6-27.
    • Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good. This attribute has three broad components, [3] and is often referred to as a bundle of rights in the United States: [4]
      1. the right to use the good
      2. the right to earn income from the good
      3. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)
  1. See generally
  2. European Convention on Human Rights, protocol 1, article 1
  3. Dean Lueck (2008). "property law, economics and," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  4. Klein, Daniel B. and John Robinson. "Property: A Bundle of Rights? Prologue to the Symposium." Econ Journal Watch 8(3): 193–204, September 2011


  • (Wikipedia, 2015) ⇒ Retrieved:2015-7-2.
    • Property rights to a good must be defined, their use must be monitored, and possession of rights must be enforced. The costs of defining, monitoring, and enforcing property rights are termed transaction costs. Depending on the level of transaction costs, various forms of property rights institutions will develop. Each institutional form can be described by the distribution of rights. The following list is ordered from no property rights defined to all property rights being held by individuals
      • Open-access property (res nullius) is not 'owned' by anyone. It is non-excludable (no one can exclude anyone else from using it) but may be rival (one person's use of it reduces the quantity available to other users). Open-access property is not managed by anyone, and access to it is not controlled. There is no constraint on anyone using open-access property (excluding people is either impossible or prohibitively costly). Examples of open-access property are the upper atmosphere (navigable airspace) or ocean fisheries (navigable waterways).
      • State property (also known as public property) is property that is owned by all, but its access and use are controlled by the state. An example is a national park.
      • Common property or collective property is property that is owned by a group of individuals. Access, use, and exclusion are controlled by the joint owners. True commons can break down, but, unlike open-access property, common property owners have greater ability to manage conflicts through shared benefits and enforcement.
      • Private property is both excludable and rival. Private property access, use, exclusion and management are controlled by the private owner or a group of legal owners.

  • (Wikipedia, 2015) ⇒ Retrieved:2015-3-1.
    • Property rights are rights over things enforceable against all other persons. By contrast, contractual rights are rights enforceable against particular persons. Property rights may, however, arise from a contract; the two systems of rights overlap. In relation to the sale of land, for example, two sets of legal relationships exist alongside one another: the contractual right to sue for damages, and the property right exercisable over the land. More minor property rights may be created by contract, as in the case of easements, covenants, and equitable servitudes.

      A separate distinction is evident where the rights granted are insufficiently substantial to confer on the nonowner a definable interest or right in the thing. The clearest example of these rights is the license. In general, even if licenses are created by a binding contract, they do not give rise to property interests.