Introduction
Introduction
This chapter describes the goals of the book and introduces the reader to fundamental features of property law. The introduction first provides background on the nature and function of property rights and offers a brief overview of the field of property law. Moving to property theory, the introduction summarizes the major justifications for private property. The introduction also briefly reviews statistics on the volume and value of property transactions and discusses the frequency and characteristics of property litigation in the US. Next, the introduction previews some of the key applications of psychology to property law addressed in the book and describes the book’s scope and interdisciplinary, empirically-based approach.
Keywords: property rights, theories of private property, bundle of rights, Lockean labor theory, bounded rationality, efficiency, externalities, well-being
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