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Proceedings of the Workshop - United Nations Office for Outer ...

Proceedings of the Workshop - United Nations Office for Outer ...

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Property Rights Theory in Law &Economics Property rights system in law and economics <strong>the</strong>oriesprovides useful paradigm <strong>for</strong> analyzing <strong>the</strong> right to usewithout ownership. Main features• Focusing upon enhancing <strong>the</strong> efficiency through allowing <strong>the</strong>property right• The conception and components <strong>of</strong> <strong>the</strong> property right are related to<strong>the</strong> efficiency conception. For example,‣ “Once a licensee is given <strong>the</strong> freedom to use <strong>the</strong> spectrum (ifhe/she get a property interest), <strong>the</strong> more likely ... <strong>the</strong> use willbe <strong>the</strong> highest and <strong>the</strong> best use reflecting <strong>the</strong> spectrum’s trueopportunity cost to society.”

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