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What are the three main characteristics of an efficient property rights structure?

Sagot :

The three main characteristics of an efficient property rights structure: exclusivity, transferability, and enforceability.

In standard economics, property rights refer to a bundle of entitlements defining an owner's rights, privileges and limitations to the use of a resource.

Property rights terms refers to social institutions and to not any inherent natural or physical qualities of the resource.

Exclusivity: All the prices and benefits from owning a resource should accrue to the owner.

Transferability: All property rights should be transferable from one owner to a different in an exceedingly voluntary exchange.

Enforceability: Property rights should be secure from seizure or encroachment by others.

To know more about property rights here

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