NDLI: The transfer of property rights by theft: an economic analysis

Content Provider	Springer Nature Link
Author	Rose, Caspar
Copyright Year	2010
Abstract	This article studies the voluntary transfer of property that had been stolen—a topic almost unexplored in the law and economics literature. The question is whether a buyer of a stolen good should obtain title to the good if he/she has purchased it in good faith. As described in the article different jurisdictions treat this issue differently. The traditional theory suggests that there is a trade-off between the costs of protecting the good and the costs of verifying the ownership. However, as shown, the rule of law concerning this issue significantly affects parties’ incentives. Specifically, it is shown that a rule of law where good faith is irrelevant in determining the issue of property rights Pareto dominates a rule where good faith may protect an innocent buyer. Thus, an owner of an asset will spend more resources on protecting his property and potential buyers will incur higher costs in order to verify the ownership when good faith is decisive for the transfer of property rights.
Starting Page	247
Ending Page	266
Page Count	20
File Format	PDF
ISSN	09291261
Journal	European Journal of Law and Economics
Volume Number	30
Issue Number	3
e-ISSN	15729990
Language	English
Publisher	Springer US
Publisher Date	2010-03-09
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Property right law Theft Good faith and game theory Commercial Law Public Finance & Economics European Integration Law and Economics
Content Type	Text
Resource Type	Article
Subject	Business and International Management Law Economics and Econometrics

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