A Question of Title: Property Rights and Asset Values

This paper examines the impact of land title systems on property values. The predominant system in the U.S., the recording system, awards title to claimants over current possessors, whereas the Torrens registration system awards title to the current owner. In theory, the registration system maximizes property value, all else equal, but in practice, the systems differ depending on the risk of a claim and administrative costs. A natural experiment in Cook County, Illinois, where both systems have existed since 1897, allows a test of the theory. The results, based on commercial and industrial properties, reveal that parcels tend to self-select into the two systems based on the predictions of the theory.

Destruction, Alteration, Simples and World-Stuff

When a tree is chopped to bits, or a sweater unraveled, its matter still exists. Since antiquity, it has sometimes been inferred that nothing really has been destroyed: what has happened is just that this matter has assumed new form. Contemporary versions hold that apparent destruction of a familiar object is just rearrangement of microparticles or of 'physical simples' or 'world stuff'. But if destruction of a familiar object is genuinely to be reduced to mere alteration of something else, we must identify an alternation proper to the career, the course of existence, of this something else; relatedly, the alteration must be characterizable without asserting the existence of the familiar object. All contemporary views fail one of these requirements.