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.

What Does Height Really Mean? Part III: Height Systems

This is the third paper in a four-part series considering the fundamental question, “what does the word “height” really mean?” The first paper reviewed reference ellipsoids and mean sea level datums. The second paper reviewed the physics of heights culminating in a simple development of the geoid and explained why mean sea level stations are not all at the same orthometric height. This third paper develops the principle notions of height, namely measured, differentially deduced changes in elevation, orthometric heights, Helmert orthometric heights, normal orthometric heights, dynamic heights, and geopotential numbers. We conclude with a more in-depth discussion of current thoughts regarding the geoid.