Abstract
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 various sorts of market failure. The analysis offers a coherent approach for understanding what otherwise appear to be unrelated doctrines in the law.
Recommended Citation
Miceli, Thomas J. and Sirmans, C. F., "Time-Limited Property Rights and Investment Incentives" (2003). Economics Working Papers. 200339.
https://digitalcommons.lib.uconn.edu/econ_wpapers/200339