Property rights and natural resource use
A property right is a bundle of characteristics that convey certain powers to the owner of the right. The owner may be an individual, a group of individuals (e.g., a firm), or the state (e.g., public lands). There are many different characteristics a property right can possess. To illustrate, let us consider a deed to a piece of land. The deed is a property right that typically gives the holder the power to use the land and to appropriate returns from the land. So, for example,crops can be grown and sold, and the proceeds go to the owner. An apartment building can be constructed and rents, with the rents paid to the owner of the land. The owner can also prevent others from using the land without permission. Thus, the deed is exclusive and enforceable. The owner of the land may be able to subdivide the property and sell or give others a portion. If so, the property right is both divisible and transferable.
Property rights and natural resource useA property right is a bundle of characteristics that convey certain powers to the owner of the right. The owner may be an individual, a group of individuals (e.g., a firm), or the state (e.g., public lands). There are many different characteristics a property right can possess. To illustrate, let us consider a deed to a piece of land. The deed is a property right that typically gives the holder the power to use the land and to appropriate returns from the land. So, for example,crops can be grown and sold, and the proceeds go to the owner. An apartment building can be constructed and rents, with the rents paid to the owner of the land. The owner can also prevent others from using the land without permission. Thus, the deed is exclusive and enforceable. The owner of the land may be able to subdivide the property and sell or give others a portion. If so, the property right is both divisible and transferable.
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Property rights and natural resource use
A property right is a bundle of characteristics that convey certain powers to the owner of the right. The owner may be an individual, a group of individuals (e.g., a firm), or the state (e.g., public lands). There are many different characteristics a property right can possess. To illustrate, let us consider a deed to a piece of land. The deed is a property right that typically gives the holder the power to use the land and to appropriate returns from the land. So, for example,crops can be grown and sold, and the proceeds go to the owner. An apartment building can be constructed and rents, with the rents paid to the owner of the land. The owner can also prevent others from using the land without permission. Thus, the deed is exclusive and enforceable. The owner of the land may be able to subdivide the property and sell or give others a portion. If so, the property right is both divisible and transferable.
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