Real property, probate, and trust journal最新文献

{"title":"Materielle und immaterielle Güter - Die Güterzuweisungsfunktion des Privatrechts (Tangible and Intangible Goods - The Allocation Function of Property Law)","authors":"H. Zech","doi":"10.2139/ssrn.3850730","DOIUrl":"https://doi.org/10.2139/ssrn.3850730","url":null,"abstract":"<b>German Abstract:</b> Die Güterzuordnung als Rechtsproblem hat vor allem durch das Aufkommen neuartiger Güter wie Daten oder digitale Inhalte vermehrt Aufmerksamkeit erfahren. Zunehmend wird die Güterzuweisung als ein besonderes Thema der Zivilrechtsdogmatik gesehen. Die aktuelle Debatte um Eigentumsrechte zeigt auch die rechtspolitische Dimension und den Rechtfertigungsdruck, unter dem die ausschließlichkeitsrechtliche Zuordnung von Gütern steht. Die rechtliche Zuordnung von Sachen zu bestimmten Personen in Form des Eigentums gehört zu einem der grundlegenden Mechanismen des bürgerlichen Rechts. Geht es darum, Handlungen einer bestimmten Person als Wirtschaftsgut rechtlich handhabbar zu machen, so stellt das BGB Ansprüche zur Verfügung. Bereits bei der Einführung des BGB kannte das Recht jedoch auch eine dritte Kategorie von Gütern, die bei der Kodifikation übergangen wurde, nämlich die Immaterialgüter, deren rechtliche Zuweisung insbesondere durch das Patent- und das Urheberrecht erfolgt. Weitere Güterkategorien folgten, wie Elektrizität oder als aktuelle Herausforderung Daten, die kein herkömmliches Immaterialgut darstellen. Während also das BGB nur Sachen und Rechte kennt, stellte sich bereits sehr früh die Frage, ob das vorhandene Sachenrecht zu einem „Güterrecht“ ausgebaut werden kann. Voraussetzung dafür wäre, dass über das Sachenrecht hinausgehende allgemeine Grundsätze der rechtlichen Zuordnung von Gütern gefunden werden können, denen z.B. auch das Recht des geistigen Eigentums gehorcht. Im vorliegenden Beitrag soll versucht werden, einige dieser Grundlinien aufzuzeigen.<br><br><b>English Abstract:</b> The allocation of goods has attracted growing attention in jurisprudence, especially due to the emergence of new types of goods such as data or digital content. The allocation of goods is increasingly seen as a special issue in the dogmatics of civil law. The current debate about property rights also shows the legal-political dimension and the pressure to justify the exclusive allocation of goods by property rights. The legal assignment of physical things to certain persons in the form of property is one of the fundamental mechanisms of civil law. If the aim is to make the actions of a specific person legally manageable as an asset, the BGB (German Civil Code) provides claims. When the BGB was introduced, however, the law also knew a third category of goods that was ignored during the codification, namely intellectual property, which is legally assigned in particular through patent and copyright law. Other categories of goods followed, such as electricity or, as a current challenge, data that do not represent conventional intangible goods. While the BGB only knows physical things and rights, the question arose very early on whether the existing property law concerning physical things could be expanded into a \"general property law\". The prerequisite for this would be that general principles of the legal assignment of goods that go beyond ","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86443898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inequality of Wealth Ownership and the Problem of Perpetuities Repeal: A Review of Eric Kades, of Piketty and Perpetuities: Dynastic Wealth in the Twenty-First Century (and Beyond), 60 B.C.L. Rev. 145 (2019)","authors":"K. D. Schenkel","doi":"10.2139/ssrn.3825127","DOIUrl":"https://doi.org/10.2139/ssrn.3825127","url":null,"abstract":"This is a short review of Eric Kades, Of Piketty and Perpetuities: Dynastic Wealth in the Twenty-First Century (and Beyond) 60 B.C.L. 145 (2019).","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85493136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Historic Preservation in the City of Beaufort: Considerations for Resilience","authors":"D. Goshen","doi":"10.2139/ssrn.3441450","DOIUrl":"https://doi.org/10.2139/ssrn.3441450","url":null,"abstract":"Homeowners of historic structures face added difficulties compared to other homeowners when deciding whether and how to adapt their home to increased flooding risks. Due to the cultural significance of historic properties, federal, state and local governments incentivize preservation efforts and regulate what adaptation techniques are available to homeowners. Because household-scale changes are essential to protect historic properties and the future of the tourism industry in Beaufort, this paper seeks to understand how federal and state incentive programs and local government regulatory schemes impact historic preservation efforts. To do so, this paper will first review federal recognition of Beaufort’s historic assets. Second, this paper will describe federal and state incentives (i.e. grants, tax credits and tax assessments) aimed at preserving historic resources. Crucially, while homeowners may be required to undergo adaptation projects that “least impact on the historic character of the building, its site, and setting�? in order to be eligible for federal and state incentives, they may still undergo even substantial measures when necessary to protect the historic site, as in the case of flooding. Third, this case study will look at how Beaufort preserves its historic assets through local zoning and planning ordinances. This section will emphasize that Beaufort’s Historic District Review Board (HRB) has broad discretion to approve preservation projects for historic houses through issuing “certificates of appropriateness.�? Further, this section will highlight how the HRB can actively promote adaptation to increased flood damage through stabilization of homes determined to be “demolished by neglect.�? Fourth, this paper will examine how the city’s local flood damage prevention ordinances, which are required under the National Flood Insurance Program (NFIP), aim to protect all structures at special risk against flood damage. This section will show how Beaufort’s Zoning Board of Appeals (ZBOA) can promote preservation through carefully considering which historic houses are eligible for variances from these ordinances. Lastly, this paper will take a brief look at how Annapolis, Maryland has used a “resilience guide�? to promote historic preservation. Such documents can provide homeowners and local governments with essential guidance on how to safeguard historic properties against damage from flooding.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89588684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Claim Models: Granular and Machine Learning Forms","authors":"G. Taylor","doi":"10.2139/ssrn.3387702","DOIUrl":"https://doi.org/10.2139/ssrn.3387702","url":null,"abstract":"The purpose of this paper is to survey recent developments in granular models and machine learning models for loss reserving, and to compare the two families with a view to assessment of their potential for future development.<br><br>This is best understood against the context of the evolution of these models from their predecessors, and the early sections recount relevant archaeological vignettes from the history of loss reserving.<br><br>However, the larger part of the paper is concerned with the granular models and machine learning models. Their relative merits are discussed, as are the factors governing the choice between them and the older, more primitive models.<br><br>Concluding sections briefly consider the possible further development of these models in the future.<br>","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"118 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77398903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Commons as Possessions: The Path to Protection of the Commons in the ECHR System","authors":"U. Mattei, Rocco Alessio Albanese, Ryan J. Fisher","doi":"10.1111/eulj.12320","DOIUrl":"https://doi.org/10.1111/eulj.12320","url":null,"abstract":"The ‘commons’ is not mentioned in the texts of the European Convention on Human Rights (ECHR) or Article 1 of Protocol No. 1 (P‐1). This essay argues that ‘possessions’ — which does appear in the latter — should be interpreted by the European Court of Human Rights (ECtHR) to protect commons against national governments' undue interferences. The argument comprises two parts. First, we analyse the polysemic term ‘possessions’ to show how the current understanding of this category is marred by flawed assumptions and by false dichotomies. Then, we propose an ‘ecological’ construction of legal relationships between subjects and objects. We find support in the ECtHR case law on Article 8. We argue this approach should be extended to Article 1 P‐1: once disentangled from possessive individualism and market paradigms, ‘possessions’ encompass the commons and the category offers a solid legal basis toward the justiciability in Strasbourg of privatisations","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"42 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86692076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Model Efficiency and Uncertainty in Quantile Estimation of Loss Severity Distributions","authors":"V. Brazauskas, Sahadeb Upretee","doi":"10.2139/ssrn.3391577","DOIUrl":"https://doi.org/10.2139/ssrn.3391577","url":null,"abstract":"Quantiles of probability distributions play a central role in the definition of risk measures (e.g., value-at-risk, conditional tail expectation) which in turn are used to capture the riskiness of the distribution tail. Estimates of risk measures are needed in many practical situations such as in pricing of extreme events, developing reserve estimates, designing risk transfer strategies, and allocating capital. In this paper, we present the empirical nonparametric and two types of parametric estimators of quantiles at various levels. For parametric estimation, we employ the maximum likelihood and percentile-matching approaches. Asymptotic distributions of all the estimators under consideration are derived when data are left-truncated and right-censored, which is a typical loss variable modification in insurance. Then, we construct relative efficiency curves (REC) for all the parametric estimators. Specific examples of such curves are provided for exponential and single-parameter Pareto distributions for a few data truncation and censoring cases. Additionally, using simulated data we examine how wrong quantile estimates can be when one makes incorrect modeling assumptions. The numerical analysis is also supplemented with standard model diagnostics and validation (e.g., quantile-quantile plots, goodness-of-fit tests, information criteria) and presents an example of when those methods can mislead the decision maker. These findings pave the way for further work on RECs with potential for them being developed into an effective diagnostic tool in this context.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78379930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Value of Biodiversity as an Insurance Device","authors":"E. Augeraud-Véron, G. Fabbri, Katheline Schubert","doi":"10.1093/ajae/aaz002","DOIUrl":"https://doi.org/10.1093/ajae/aaz002","url":null,"abstract":"This paper presents a benchmark stochastic endogenous growth model of an agricultural economy. Producing food requires land, and increasing the share of total land devoted to farming mechanically reduces the share of land devoted to biodiversity conservation. However, safeguarding a greater number of species guarantees, through spatial exchanges, better ecosystem services which, in turn, ensure lower volatility of agricultural productivity. The optimal conversion/conservation rule is explicitly characterized, as well as the total value of biodiversity in terms of the welfare gain from biodiversity conservation, and the marginal value of biodiversity in terms of risk premium reduction, namely its insurance value. The Epstein-Zin-Weil specification of preferences allows us to disentangle the effects of risk aversion and aversion to fluctuations.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75112433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Stress Shorten Your Life? Evidence from Parental Bereavement","authors":"B. Schmidpeter","doi":"10.2139/ssrn.2985300","DOIUrl":"https://doi.org/10.2139/ssrn.2985300","url":null,"abstract":"This paper studies how stress affects the mortality risk. Using a flexible approach and allowing for timevarying treatment effects, I find no impact of stress on the short-run mortality risk but a substantially increase in the long-run. The effects are especially pronounced for men. I provide evidence that this is likely caused by changes towards adverse health behaviours as a reaction to stress. Investigating the possible protective effects of mental health support, I find that it can substantially lower the mortality risk for women. The results for men point towards lower effectiveness likely due to stigma effects associated with mental health care. Finally, I show that my results are robust to specific departure of my identifying assumptions.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89933306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Optimal Allocation to Deferred Income Annuities","authors":"F. Habib, Huaxiong Huang, A. Mauskopf, Branislav Nikolic, T. Salisbury","doi":"10.2139/ssrn.3283190","DOIUrl":"https://doi.org/10.2139/ssrn.3283190","url":null,"abstract":"Abstract In this paper we employ a lifecycle model that uses utility of consumption and bequest to determine an optimal Deferred Income Annuity (DIA) purchase policy. We lay out a mathematical framework to formalize the optimization process. The method and implementation of the optimization is explained, and the results are then analyzed. We extend our model to control for asset allocation and show how the purchase policy changes when one is allowed to vary asset allocation. Our results indicate that(i) refundable DIAs are less appealing than non-refundable DIAs because of the loss of mortality credits; (ii) the DIA allocation region is larger under the fixed asset allocation strategy due to it becoming a proxy for fixed-income allocation; and (iii) when the investor is allowed to change asset-allocation, DIA allocation becomes less appealing. However, a case for higher DIA allocation can be made for those individuals who perceive their longevity to be higher than the population.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87343889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fields of Dreams: An Economic Democracy Framework for Addressing NIMBYism","authors":"Ori Sharon","doi":"10.2139/ssrn.3347214","DOIUrl":"https://doi.org/10.2139/ssrn.3347214","url":null,"abstract":"Local opposition to the development of socially desirable facilities is one of the most important policy challenges in the United States. Despite decades of effort, a policy formula to reduce “Not in My Back Yard” (NIMBY) political opposition is yet to be found. Cash payments, inclusive deliberation, benefits negotiations, and statutory mandates are only a few of the policy and legislative measures that have been attempted at diffusing NIMBY sentiments, mostly to no avail. \u0000 \u0000This Article offers a different approach to NIMBY conflicts. I argue that disempowerment is one of the main drivers of NIMBY sentiments. People oppose certain developments largely because they feel a lack of control over decisionmaking procedures that directly affect their lives. Applying theories of participatory democracy, I develop a property-based framework to mitigate NIMBY sentiments. Ownership, I explain, empowers. It confers the power to determine and control a resource. When a resource is owned by a community, the community possesses the power to set the agenda for the resource. It follows that if communities own, develop, and manage socially desirable facilities, NIMBY sentiments will be attenuated. To test this hypothesis, I explore two recent successful examples of communal ownership — the development model for windfarms and the U.K.’s Community Right to Build reform. Both case studies demonstrate the potential of communal development to mitigate NIMBY sentiments and provide valuable legal and policy lessons for broader implementation of communal models.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87971760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}