Time-limited property rights and investment incentives

被引：5

作者：

Miceli, TJ ^{[1
]}

Sirmans, C

机构：

[1] Univ Connecticut, Dept Econ, Storrs, CT 06269 USA

[2] Univ Connecticut, Dept Finance, Storrs, CT 06269 USA

[3] Univ Connecticut, Sch Business Adm, Real Estate Ctr, Storrs, CT 06269 USA

来源：

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2005年 / 31卷 / 04期

关键词：

investment incentives; property rights; time limits;

D O I：

10.1007/s11146-005-3290-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Although it is axiomatic that property rights of infinite duration are necessary for owners to make efficient long term investments in their property, time limits on property rights are pervasive in the law. This paper provides an economic justification for such limits by arguing that they actually enhance property values in the presence of imperfect information. In so doing, the analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law.

引用

页码：405 / 412

页数：8

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