22.3.04

ENFORCING PROPERTY RIGHTS? Build a baseball stadium in a neighborhood of walk-up apartments. Wait for the owners of the walk-ups to discover that the roofs of the walk-ups might better be used for grandstands, rather than, say, pigeon coops or vegetable gardens. If you are the owner of the baseball stadium, do you negotiate for a share of the grandstand rentals, or do you block the view?

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