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欢迎访问人大经济学论坛制度经济学版块，文章版权归作者所有。仅供学术交流，勿用于商业用途。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.347欢迎访问人大经济学论坛制度经济学版块，文章版权归作者所有。仅供学术交流，勿用于商业用途。Externalityisanambiguousconcept.Forthepurposesofthispaper,theconceptincludesexternalcosts,externalbenefits,andpecuniaryaswellasnonpecuniaryexternalities.Noharmfulorbeneficialeffectisexternaltotheworld.Somepersonorpersonsalwayssufferorenjoytheseeffects.Whatconvertsaharmfulorbeneficialeffectintoanexternalityisthatthecostofbringingtheeffecttobearonthedecisionsofoneormoreoftheinteractingpersonsistoohightomakeitworthwhile,andthisiswhatthetermshallmeanhere.“Internalizing”sucheffectsreferstoaprocess,usuallyachangeinpropertyrights,thatenablestheseeffectstobear(ingreaterdegree)onallinteractingpersons.Aprimaryfunctionofpropertyrightsisthatofguidingincentivestoachieveagreaterinternalizationofexternalities.Everycostandbenefitassociatedwithsocialinterdependenciesisapotentialexternality.Oneconditionisnecessarytomakecostsandbenefitsexternalities.Thecostofatransactionintherightsbetweentheparties(internalization)mustexceedthegainsfrominternalization.Ingeneral,transactingcostcanbelargerelativetogainsbecauseof“natural”difficultiesintradingortheycanbelargebecauseoflegalreasons.Inalawfulsocietytheprohibitionofvoluntarynegotiationsmakesthecostoftransactinginfinite.Somecostsandbenefitsarenottakenintoaccountbyusersofresourceswheneverexternalitiesexist,butallowingtransactionsincreasesthedegreetowhichinternalizationtakesplace.Forexample,itmightbethoughtthatafirmwhichusesslavelaborwillnotrecognizeallthecostsofitsactivities,sinceitcanhaveitsslavelaborbypayingsubsistencewagesonly.Thiswillnotbetrueifnegotiationsarepermitted,fortheslavescanoffertothefirmapaymentfortheirfreedombasedontheexpectedreturntothemofbeingfreemen.Thecostofslaverycanthusbeinternalizedinthecalculationsofthefirm.ThetransitionfromserftofreemaninfeudalEuropeisanexampleofthisprocess.Perhapsoneofthemostsignificantcasesofexternalitiesistheextensiveuseofthemilitarydraft.Thetaxpayerbenefitsbynotpayingthefullcostofstaffingthearmedservices.Thecostswhichheescapesaretheadditionalsumsthatwouldbeneededtoacquiremenvoluntarilyfortheservicesorthosesumsthatwouldbeofferedaspaymentbydrafteestotaxpayersinordertobeexempted.Witheithervoluntaryrecruitment,the“buy-him-in”system,orwitha“let-him-buy-his-way-out”system,thefullcostofrecruitmentwouldbebroughttobearontaxpayers.Ithasalwaysseemedincredibletomethatsomanyeconomistscanrecognizeanexternalitywhentheyseesmokebutnotwhentheyseethedraft.Thefamiliarsmokeexampleisoneinwhichnegotiationcostsmaybetoohigh(becauseofthelargenumberofinteract-348ingparties)tomakeitworthwhiletointernalizealltheeffectsofsmoke.Thedraftisanexternalitycausedbyforbiddingnegotiation.Theroleofpropertyrightsintheinternalizationofexternalitiescanbemadeclearwithinthecontextoftheaboveexamples.Alawwhichestablishestherightofapersontohisfreedomwouldnecessita