Augmenting the Value of Ownership by Protecting it Only Partially: The 'Market-Overt' Rule Revisited

Barak Medina
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引用次数: 19

Abstract

This article analyzes alternative rules for settling conflicts between right owner and a bona fide purchaser. The optimal rule, so it is argued, is the one which maximizes the expected value of the ownership right, given the risk of right violation. In order to maximize this value, one must seek to both mitigate the risk of right violation and augment a potential buyer's willingness to pay for the right. The analysis specifies the relevant parameters that define which rule is optimal in given circumstances, and proves that there are cases in which the value of the ownership right is maximized if the owner's right is only partially protected against innocent third parties. Two prevailing notions are challenged: first, that the "market-overt" rule necessarily induces buyers to invest fewer resources in prepurchase precautions, and second, that a buyer's willingness to pay is unaffected by the choice of the legal rule. Copyright 2003, Oxford University Press.
通过部分保护来增加所有权的价值:重新审视“市场公开”规则
本文分析了解决权利人与善意买受人冲突的可选规则。因此,最优规则是在考虑权利被侵犯风险的情况下,使所有权的预期价值最大化的规则。为了使这一价值最大化,必须设法既降低权利被侵犯的风险,又增强潜在购买者为权利付费的意愿。分析指定了相关参数,这些参数定义了在给定情况下哪个规则是最优的,并证明在某些情况下,如果所有者的权利仅受到部分保护而不受无辜第三方的侵害,所有权的价值就会最大化。两个流行的观念受到了挑战:第一,“市场公开”规则必然会诱使买家在购买前的预防措施上投入更少的资源;第二,买家的支付意愿不受法律规则选择的影响。牛津大学出版社版权所有。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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