Property rights

Lead Author: Tom Tietenberg (other articles)
Article Topic: Environmental economics
This article has been reviewed and approved by the following Topic Editor: S. Niggol Seo (other articles)
Last Updated: April 26, 2007

Property rights involve the bundle of entitlements defining the property owner's rights, privileges and limitations for use of the resource. These rights may include such aspects as the entitlement to develop, the entitlement to withdraw resources, and/or the entitlement to transfer the property to someone else through sale or bequest.

Sometimes these rights are bundled inseparably together and other times they may be separated for sale or transfer. For example, conservation easements (restrictions on development) can be separated from the other entitlements and sold or donated to land trusts. Although the transfer of a conservation easement restricts the ability of the owner to develop the land, depending on how the easement is written, it may not affect other entitlements such as the right of the owner to reside on the land or even to harvest it for timber.

Citation
Tietenberg, Tom (Lead Author); S. Niggol Seo (Topic Editor). 2007. "Property rights." In: Encyclopedia of Earth. Eds. Cutler J. Cleveland (Washington, D.C.: Environmental Information Coalition, National Council for Science and the Environment). [First published in the Encyclopedia of Earth December 11, 2006; Last revised April 26, 2007; Retrieved November 20, 2009]. <http://www.eoearth.org/article/Property_rights>
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