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1、外文翻譯原文TowardATheoryOfPropertyRightsMaterialSource:AmericanEconomicReview;May67,Vol.57Issue2,p347,13pAuthor:Demsetz,HaroldWhenatransactionisconcludedinthemarketplace,twobundlesofpropertyrightsareexchanged.Abundleofrightsoftenattachestoaphysicalcommodityorservice,butitisthevalueofthe
2、rightsthatdeterminesthevalueofwhatisexchanged.Questionsaddressedtotheemergenceandmixofthecomponentsofthebundleofrightsarepriortothosecommonlyaskedbyeconomists.Economistsusuallytakethebundleofpropertyrightsasadatumandaskforanexplanationoftheforcesdeterminingthepriceandthenumberofuni
3、tsofagoodtowhichtheserightsattach.Inthispaper,Iseektofashionsomeoftheelementsofaneconomictheoryofpropertyrights.Thepaperisorganizedintothreeparts.Thefirstpartdiscussesbrieflytheconceptandroleofpropertyrightsinsocialsystems.Thesecondpartofferssomeguidanceforinvestigatingtheemergence
4、ofpropertyrights.Thethirdpartsetsforthsomeprinciplesrelevanttothecoalescingofpropertyrightsintoparticularbundlesandtothedeterminationoftheownershipstructurethatwillbeassociatedwiththesebundles.TheConceptandRoleofPropertyRightsIntheworldofRobinsonCrusoepropertyrightsplaynorole,Prope
5、rtyrightsareaninstrumentofsocietyandderivetheirsignificancefromthefactthattheyhelpamanformthoseexpectationswhichhecanreasonablyholdinhisdealingswithothers.Theseexpectationsfindexpressioninthelaws,customs,andmoresofasociety.Anownerofpropertyrightspossessestheconsentoffellowmentoallo
6、whimtoactinparticularways.Anownerexpectsthecommunitytopreventothersfrominterferingwithhisactions,providedthattheseactionsarenotprohibitedinthespecificationsofhisrights.Itisimportanttonotethatpropertyrightsconveytherighttobenefitorharmone-selforothers.Harmingacompetitorbyproducingsu
7、periorproductsmaybepermitted,whileshootinghimmaynot.Amanmaybepermittedtobenefithimselfby-6-shootinganintruderbutbeprohibitedfromsellingbelowapricefloor.Itisclear,then,thatpropertyrightsspecifyhowpersonsmaybebenefitedandharmed,and,therefore,whomustpaywhomtomodifytheactionstakenbyper
8、sons.Therecognitionofthisl
