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

Efficiency in the property rights regime Efficient legal regime of property rights• “Such regime is likely to be a mixed system, combining paperrights with possessory rights.”(Richard Posner, 2001)– “Paper rights” mean a right to use with legally qualifiedtitle, whether actual possession is assured or not‣ Different from civil law States(like Korea, Japan) conceptionwhich is influenced by German School.‣ Economic thinking rather than traditional conception ofproperty right, like possession element as ensuring the fact ofownership‣ More weight on the right to use rather than the ownershipinvolving the possession. “Unless a valuable resource issubject to a right of exclusive use, control, and benefit,incentives to in the production of valuable goods will besuboptimal.”(R. Posner, 2001)