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Tragedy of the Common-Ownership?
from Part II - Immovable Property
Published online by Cambridge University Press: 18 May 2023
Chapter 8 first provides an overview of the stipulations regarding how things held in tenancy in common (the most common co-ownership form of property around the world) should be administered and sold, as well as co-owner agreements not to partition. Then, Chapter 8 addresses whether the several types of rules lead to underuse or overuse — that is, whether tenancy in common may lead to tragedy of the commons or anticommons. The prevalent doctrine that provides one co-owner with a unilateral power to call for partition avoids a long-term tragedy but underinvestment and underuse of co-owned resources are still likely. This chapter ends with a proposed solution to ameliorate the underinvestment and underuse problems.
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