Benito Arrunada
U. of Pompeu Fabra



(Monday, 1st April 2002)

Title : The Economics of real estate transactions

The analytical framework of this lecture is about real rights and the role of consent. The lecture will first explore which legal solutions are applied in contract and property law across different assets, traders and transactions it will then compare the ideal regimes of purely private transactions and publicity. The analysis will allow to identify organizational patterns common to both of these systems and to provide a basis for analyzing their comparative performance and developing policy implications, some of which will also be explored.

Bibliographical references :

ARRUÑADA, B. (2001), "Property Enforcement and the Organization of Consent", Universitat Pompeu Fabra, Economics and Business Working Paper Series 564, December.

ARRUÑADA, B. (2001), "The Role of Title Insurance under Recording and Registration", Universitat Pompeu Fabra, Economics and Business Working Paper Series 565, December. Also in Working Paper Series of The Geneva Association, Etudes et Dossiers, no. 248, December 2001.

ARRUÑADA, B., and N. GAROUPA, (2001), "The Economics of Land Title and Title Assurance", Universitat Pompeu Fabra, mimeo, September.

HANSMANN, H., and R. KRAAKMAN (2001), "Property, Contract, and Verifiability: Understanding the Law’s Restrictions on Divided Rights", July 2001.

MERRILL, T. W., and H. E. SMITH (2000), "Optimal Standardization in the Law of Property: The Numerus Clausus Principle", Yale Law Journal, vol. 110, no. 1, October, pp. 1-70.



(Tuesday, 1st April 2003)

Title : Behavioral assumptions in institutional analysis

Findings in cognitive sciences demand a reconsideration of the standard assumptions about human behavior, related to rationality and cooperation. This lecture will review some of these findings and will explore their consequences for the analysis of institutions and organizations.

Bibliographical references :

ARRUÑADA, B. (2003), "Institutions from the Perspective of Evolutionary Psychology," Universitat Pompeu Fabra, class notes, January.

FEHR, E., and S. GÄCHTER (2000), "Fairness and Retaliation: The Economics of Reciprocity," Journal of Economic Perspectives, 14(3), 159-81.

GIGERENZER, G., P. M. Todd, and the ABC Research Group (1999), "Simple Heuristics that Make Us Smart", New York: Oxford University Press. (Précis and papers).

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