Econ 4040 1st Edition Lecture 3Outline of Last Lecture I. Mathews vsMassellII. Tilton vs RichardsonIII. There is no such thing as a free lunchOutline of Current Lecture I. History of PropertyII. Modern Questions of Property LawIII. Edwards vs SimsIV. United States vsCausbyCurrent LectureTraditional Rights to PropertyUse, exclusion, transferEarly history of privatization- not necessary given the wandering of animals and hunting and gathering societyAs farming society increased- common law began to regulate the use of land privatization like how property rights are assigned and when they should be limitedExample: 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 transfersbetween individuals whereas it is illegal to sell a kidney despite the large marketSecurity issues- right to sell a vote or an identity is illegalHaving 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 SimsEdwards owns a piece of land that has the only entrance to a cave on his property and developed it as a tourist attractionLee is a fellow land owner who believes that he owns part of the caveSims is the judge that ruled that there must be a survey done to determine if the cave is foundunderneath Lee’s propertyIf Edwards has ownership of the cave then he has the right to exclude and survey of cave is considered trespassingFound 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 determinedCoase theorem- so long as there are minimal transaction costs then an efficient outcome can occurUnited States vsCausbyAirspace 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 damagesAn adjustment to the previous rule- people own as much air as they can use on their properties but the rest is determined for public