Search results

I begin with a dispute over a fox hunt, by which to understand the law of tangible property, then develop that metaphor for the major types of intellectual property. I start with domestic U.S. patent law for the sake of concreteness, and generalize to other jurisdictions and types of intellectual property. In the latter parts of the paper I discuss the international implications of intellectual property, including especially the effects of information spillovers. The last part of the paper describes the hazards in analogizing “trade” in intellectual property rights to trade in goods, and particularly in interpreting international patent data. These hazards motivate the search for a structural model specially adapted to the purpose of valuing international intellectual property rights and rules. The goal is to give economists a simple and integrated framework for analyzing intellectual property across time, jurisdiction and regime type, with an eye towards eventually developing other incentive systems that have the advantages of property (such as decentralized decision-making), but fewer of the disadvantages.

This study uses county-level property tax data to assess alternative theories for government interaction in setting tax rates. Tests of the two theories, tax competition and yardstick competition, incorporate data for both mobile and immobile property. Using spatial econometrics, results show a statistically significant, positive effect of neighbor rates on local rates for mobile property, consistent with both forms of competition. However, similar statistically significant positive effects for immobile property are consistent only with yardstick competition. The results have implications for decision making in the competitive environment government authorities face.

Despite its popularity as a research topic in the United States, property taxation in other countries has not received as much attention. International comparisons of property tax systems are particularly rare in the academic literature. The purpose of this study is twofold. First, the chapter summarizes the main differences and similarities of the property tax systems in 24 Organisation for Economic Co-operation and Development (OECD) countries between 1970 and 2005. We show that these countries’ property tax systems vary with regard to three different property tax characteristics: reliance, mix, and decentralization. Second, we show that a significant amount of the cross-country variations of property tax and real estate tax reliance can be explained by institutional culture, specifically the difference between Anglo and non-Anglo countries, as well as demographic and economic environmental factors such as the elderly population, income, and unemployment.

The expansion of copyright and the shrinking of the public domain did not begin with the Internet, but the Internet has exacerbated the problem. The threat posed by digital technology has led industries to obtain increasingly absolute protection over their “property.” In this paper I will argue that developing a vibrant public domain is essential for resisting the overextension of copyrights and patents. Developing the public domain as a counterpoint to copyright and patent law is vital to an energized public sphere and by extension a democratic system.

This research compares youth tourists’ trip preferences and their perceptions of accommodation in Switzerland among visitors staying at three different types of properties (e.g., hard budget, budget, and mid-sector). Attractive price was found to be the most critical reason for the selection of accommodation for those staying at hard budget properties. Proximity to points of interest represents the main reason for choosing budget and mid-sector accommodations. When examining the differences in preferences for eating outlets, the respondents from the mid-sector lodging facilities prefer full-service restaurants while the other groups of visitors prefer to use self-service eateries. The study further finds that the youth guests of hard budget properties express reluctance in joining evening activities that are fee-paying. Managerial implications along with suggestions for future study are provided in the conclusion.

The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.