Property Rights

Terry L. Anderson is Executive Director of the Political Economy Research Center (PERC), Senior Fellow at the Hoover Institution, and Professor Emeritus at Montana State University. He is the author, coauthor, or editor of twenty-five books including "Free Market Environmentalism, Revised Edition" and "Enviro-Capitalists". Fred S. McChesney teaches at Northwestern University, where he is Class of 1967/James B. Haddad Professor of Law and Professor in the Department of Management and Strategy in the Kellogg School of Management. He is the author of "Money for Nothing" and has written extensively on economics and law.

• List of Figures and Tables vii Acknowledgments ix Introduction: The Economic Approach to Property Rights 1 PART I: INTRODUCTION 13 One: Property Rights in the History of Economic Thought: From Locke to J. S. Mill by Edwin G. West 20 Two: Property Rights in the Firm by Yoram Barzel 43 PART II: INTRODUCTION 59 Three: Open Access versus Common Property by Thrinn Eggertsson 73 Four: Gains from Private Property: The Empirical Evidence by Louis De Alessi 90 PART III: INTRODUCTION 113 Five: The Evolution of Property Rights by Terry L. Anderson and Peter J. Hill 118 Six: Contracting for Property Rights by Gary D. Libecap 142 Seven: Force, Threat, Negotiation: The Private Enforcement of Rights by David D. Haddock 168 PART IV: INTRODUCTION 195 Eight: First Possession as the Basis of Property by Dean Lueck 200 Nine: Government as Definer of Property Rights: Tragedy Exiting the Commons? by Fred S. McChesney 227 PART V: INTRODUCTION 255 Ten: Property Rights or Externalities? by Bruce Yandle 259 Eleven: Ownership and the Externality Problem by Harold Demsetz 282 PART VI: INTRODUCTION 301 Twelve: In and Out of Public Solution: The Hidden Perils of Forced and Unforced Property Transfer by Richard A. Epstein 307 Thirteen: Public Goods and Property Rights: Of Coase, Tiebout, and Just Compensation by William A. Fischel 343 References 365 Cases Cited 391 About the Editors and Authors 393 Index 395

"This volume provides a solid, sophisticated introduction to the emerging field of economics and property rights."--Choice