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Legal and economic rights.
Legal rights are assigned by the state; economic rights involve actual use.
Legal rights can be costly to enforce and not needed for efficient resource use.
High enforcement costs or social norms.
Rights to a chunk of the Pacific Ocean.
They can still use the resource efficiently.
Rights recognized and respected by owners without formal legal backing.
Property rights influence how resources are utilized.
They define relationships between owners and others regarding resources.
They range from open access to fully specified private rights.
Anyone can use the asset without restrictions.
They are exclusive rights directed against all others.
They grant power against specific individuals only.
Includes rights to use, exclude, derive income, sell, and bequeath.
Access is limited to a select group with circumscribed use rights.
Rights to control others' rights, often through social norms.
Rights to act in specific ways without interference.
Defines, interprets, and enforces property rights.
Due to the costs of defining and enforcing all property rights.
Individuals may expropriate use rights through various means.
Violence may be used as a strategy in some situations.