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property rights - Coggle Diagram

- - - - productive efficiency
        
        -costs of protection of goods
        
        +production
  - - - labour
        
        property rights
  - - - the fruits of earth belong to all
- - - - eminent domain
        
        conditions
        
        public use
        
        ends approach
        
        use
        
        means approach
        
        method
        
        just compensation
        
        market value
        
        subjective value problem
        
        undervaluing
        
        excessive public acquisition
        
        no
        
        consent owner
        
        veto power
        
        justifications
  - - - each person acts to maximize his gain
      - positive component +1
        
        resourse overuse and depletion
      - negative component - a fraction of 1
  - - - strong committment
      - risks sharing
- - - - private ownership results in underproduction
- - - - principle of tied ownership
        
        risk
        
        underinvestment in search
      - principle of first possession
        
        risk
        
        overinvestment in search
        
        mitigation
        
        regulations limiting quantity
        
        depletion
        
        advantages
        
        less administrative costs
        
        mix of private and public enforcement methods
        
        finders keepers rule
- - - - tests
- - - - trade off
        
        benefits of public ownership
        
        need for incentives to invest in producing them
        
        law solutions
        
        patents
        
        exclusive property rights in ideas
        
        monopoly problem
        
        solution
        
        time limit
        
        1 more item...
        
        problems
        
        patent races
        
        overinvestments
        
        patent scope
        
        define extent to which ideas are protected
        
        tradesecrets
        
        advantages
        
        unlimited time
        
        no need to reveal the nature of the invention
        
        disadvantage
        
        less protection
        
        trademarks
        
        signs that uniquely identify a product or service
        
        requirement
        
        owner first to use it
        
        unlimited duration
        
        protection limited to a specific market
        
        function
        
        no consumers confusion
        
        lower consumers search costs
        
        copyrights
        
        protects the expressions of the ideas
        
        limited duration
        
        do not preclude indipendent discovery
        
        exception
        
        fair use
        
        educational purposes
        
        review
        
        standard
        
        1 more item...
    - - rewards system
    - - injunctive relief
      - damages
        
        losts profit
        
        counterfactual claim
- - - - pigou's approach
        
        taxes on who generates them
        
        so that they bear the costs they generate
      - Coase's approach
        
        reciprocal nature of the problem
        
        generate social costs
        
        diffrence value of the two economic activity
        
        when don't interfere
        
        when interfere
        
        costless transaction
        
        private bargaining
        
        efficient use of resources
        
        law economically useless
        
        do not exist
        
        legal corollary
        
        if transaction costs high enough to prevent bargaining the efficient allocation of resources will depend on how property rights are assigned
        
        normative idea
        
        1
        
        to the party that value the resource the most
        
        cooter and ulen
        
        2
        
        allocation in a clear and simple way
        
        3
        
        standards instead of inflexible rules
        
        miceli