Econ 4040 1st Edition Lecture 3 Outline of Last Lecture I Mathews vsMassell II Tilton vs Richardson III There is no such thing as a free lunch Outline of Current Lecture I History of Property II Modern Questions of Property Law III Edwards vs Sims IV United States vsCausby Current Lecture Traditional Rights to Property Use exclusion transfer Early history of privatization not necessary given the wandering of animals and hunting and gathering society As farming society increased common law began to regulate the use of land privatization like how property rights are assigned and when they should be limited Example who owns a roaming deer on a piece of property does property shift hands as the deer enters another neighboring yard Image property who has the right to use the images of Tiger Woods does he have privacy rights Does Nike as his sponsor have rights to the images Does the NYTimes who took his picture have rights to his image Rights to transfer and sell organs Hair eggs and non organs can be sold and used as transfers between individuals whereas it is illegal to sell a kidney despite the large market Security issues right to sell a vote or an identity is illegal Having the right to abandon property when it is too costly to maintain These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Edwardsvs Sims Edwards owns a piece of land that has the only entrance to a cave on his property and developed it as a tourist attraction Lee is a fellow land owner who believes that he owns part of the cave Sims is the judge that ruled that there must be a survey done to determine if the cave is found underneath Lee s property If Edwards has ownership of the cave then he has the right to exclude and survey of cave is considered trespassing Found that landowners own everything above and below their property lines from the heavens and to the depths of hell Context was coal mining so that property beneath the surface of the earth could easily be determined Coase theorem so long as there are minimal transaction costs then an efficient outcome can occur United States vsCausby Airspace is common property but there are planes that are very close to the ground on Causby s property and have been damaging the property with noise and physical damages An adjustment to the previous rule people own as much air as they can use on their properties but the rest is determined for public use