Current Empirical Premises to the Disclosure of the Secrets of Property in Law: A Foundation and a Guideline for Future Research

Abstract

This article presents an empirical legal study in the field of property theory. I take as my point of departure the perspective of exclusion. Such a basic perspective falls short, however, when we conceptualize the exceptions from the exclusion rule. In this respect, a diversified set of considerations and concerns claims attention, including the nature of the relationship between the possessor and the object in question. This research digs into the new achievements in the fields of economics and life sciences, investigating the validity and relevance of arguments which may be derived from the possessor-object dimension. The findings suggest a differentiated view on how people comprehend various situations of possession, and the article proposes a gradual theoretical model for shaping and managing the legal concept of property in this respect. Finally, I indicate some practical legal topics which may take advantage of the model (e.g. the field of expropriation, the problem of whether a possession should be protected by a property rule or by a liability rule, and the problems related to property as a human right).

Keywords: Behavioral Economics, Bounded Rationality, Endowment Effect, Evolutionary Analysis in Law, Human Rights, Intellectual Property, Liability Rules, Morality, Possession, Property, Property Rules, Prospect Theory, Takings, Valuation