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Delineation of Property Rights of Complements

In the development of transaction cost based property right analysis, clear delineation of private exclusive property rights over communal property is believed to be able to restrain rent dissipation, and is therefore conducive to market transactions and the enhancement of efficiency. However, the interdependence of the rights among complements is seldom investigated. This paper argues that in case of communal complements, the delineation of the property rights of the assets does not necessarily foster the development of market transactions, especially when the supply of one of the rights is likely to be monopolized. The postulation is justified by the multi-ownership and strata-title systems in the management of apartments.