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On the foundations of basic property rights, Part I: A model of the state-of-nature with two players

This paper is concerned with the fundamental issue of the origins (or emergence) of basic property rights such as the right of an individual to the fruits of his labour. I develop a dynamic model of the strategic interaction between two players in the state-of-nature, which is an environment characterized by the absence of any rules, regulations, laws and institutions (including property rights and the state). My objective is to address in a rigorous manner the questions of why, when and how basic property rights can emerge and be made secure. In particular, I explore the roles of the players’ fighting and productive skills (or capabilities) on the emergence of secure property rights.