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[sofochka]

1. It is ownership and control that count, rather than physical possession.
2. However. since they link responsibility to authority, they also make owners accountable for their actions.
3. Private owners can gain by employing their resources in ways that are beneficial to others. On the other hand, owners bear the opportunity cost of ignoring the wishes of others.
4. WHAT IS TRADED-PROPERTY RIGHTS
5. To turn down the offer of $1,000 costs Ed $200 more than the $800 the car is worth to him.
6. Failing to consider the wishes of others may penalize the potential buyer, but it would also hurt Ed.
7. The private owner has a strong incentive to properly care for the item he or she owns.
8. The private owner has mt incentive to conserve for the future, if the item is expected to be worth more then.
9. With private property rights, a negligent owner carp be held accountable for damage to others through misuse of property.