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1、外文文獻(xiàn)翻譯譯文原文：DefiningPropertyRightsGlobalization,advancesininformationtechnology,andincreasingInternetusagearecreatingdevelopmentsinpropertyrightsissuesthatneedtobeaddressedbynotonlyresearchers,butalsomanagersandpublicpolicymakers.Thisarticlepresentsath
2、eoreticalframeworkthatexaminesthedeterminantsofthelevelofdefinitionofpropertyrightsoverresources.Propertyrightsoveranyresourcearesubjecttooptimizationandaredefinedtotheextentthatthebenefitsofdefinitionexceedthecostsofdefinition.Therearefivemajorcost-b
3、enefitcomponentsthatcanbeusedtopredictthelevelofdefinitionofpropertyrightsoveraresource:①capturecostsandrentdissipationcreatedbynon-exclusivity;②exchangeandpolicingcosts;③costsofreducedinvestmentcreatedbynon-exclusivity(includesreallocationandvaluatio
4、ncosts);④exchangevalueofresource;⑤socialcostsofexclusivity.Resourcespecificfactorsinfluencethemagnitudeofeachofthesefivecomponents,affectingthefinallevelofdefinitionofpropertyrightsoveraresource.PropertyRightsAccordingtoLibecap,propertyrightsaresocial
5、institutionsthatdefineordelimittherangeofprivilegesthataregrantedtoindividuals(orentities)regardingspecificassets.Propertyrightsinstitutionscanrangefromformalarrangements(e.g.,constitutionalprovisions,statutes,andjudicialrulings)toinformalnormsandcust
6、omsregardingtheallocationanduseofassets.Theseinstitutionsassignownershiptovaluableassetsanddesignatewhobearstherewardsandcostsofresourceuse,andthereforetheyhaveasignificantimpactoneconomicbehaviorandperformance.Traditionally,economicsliteraturehasdiff
7、erentiatedbetweentwotypesofpropertyrights:economicpropertyrightsandlegalpropertyrights.Accordingto11Barzel,economicpropertyrightsinvolveanindividual’sabilitytoconsumeagoodorservice.Legalrights,ontheotherhand,arethosethatarerecognizedandenforcedbythego
8、vernment.Theyenhanceeconomicrightsbymakingthird-partyadjudicationpossible;however,theyarenotnecessaryorevensufficientfortheexistenceofeconomicrights,sinceeconomicrightscanbebaseduponinformalinstitutions.Aninterestingaspectofpropertyrightssyste
