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1、RegionalScienceandUrbanEconomics41(2011)499–507ContentslistsavailableatScienceDirectRegionalScienceandUrbanEconomicsjournalhomepage:www.elsevier.com/locate/regecAquestionoftitle:Propertyrightsandassetvaluesab,⁎,C.F.SirmanscdThomasJ.Miceli,HenryJ.Munneke,GeoffreyK.TurnbullaDepartme
2、ntofEconomics,UniversityofConnecticut,UnitedStatesbDepartmentofInsurance,LegalStudies,andRealEstate,UniversityofGeorgia,Athens,GA30602-6255,UnitedStatescDepartmentofRiskManagement/Insurance,RealEstate,andBusinessLaw,FloridaStateUniversity,UnitedStatesdDepartmentofFinance,Universit
3、yofCentralFlorida,UnitedStatesarticleinfoabstractArticlehistory:Thispaperexaminestheimpactoflandtitlesystemsonpropertyvalues.ThepredominantsystemintheU.S.Received16November2009andafewothercountries,therecordingsystem,awardstitletoclaimantsovercurrentpossessors,whereasReceivedinrev
4、isedform16March2011thepredominantsystemthroughoutmostoftheworld,theregistrationsystem,awardstitletothecurrentAccepted20March2011possessor.Thetheoryillustratesthatthetitlesystemeffectonassetvaluedependsonproperty-specificAvailableonline25March2011factorsliketheriskofaclaimandtitlesy
5、stemcharacteristicsliketransactionscosts.AnaturalexperimentinCookCounty,Illinois,wherebothsystemsexistedside-by-sidefrom1897through1996,allowsatestoftheJELclassification:K11theory.Theevidenceforcommercialandindustrialpropertiesrevealsthatparcelstendtoself-selectintotheP14twosystems
6、asexpectedwithregistrationenhancingvalueoncetheself-selectioneffectsareremoved.R14©2011ElsevierB.V.Allrightsreserved.Keywords:LandtitlesystemPropertyrightsRecordingsystemTorrenssystem1.Introductionsametime,allowingrealestateownerstoselectthetitlesystemfortheirproperty.Thisstudyuse
7、sCookCountytransactionsdatatotestWell-definedprivatepropertyrightsarefundamentaltomarkettheimplicationsofthetheoryforrelativeassetvaluesacrossthetwoefficiency.Asimportant,thoughoftenoverlookedasanarcanedetailtypesoftitlesystems.byeconomists,isthequestionoftitle—theruleusedtoidentify
8、theThequestionoftitleisageneralco
