Uses the Coase Theorem and Calabresi and Melamed's characterizations of alternative types of property and how to assign and protect property rights throughout the book. Details the legal treatment of externalities arising from conflicting land. Uses the economic theory of the Tragedy of the Commons and its game theory counterpart to analyze the choice between common and private ownership. Discusses the meaning of property rights, adverse possession, easements, restrictive covenants, and nuisance law. Considers the efficiency and distributional implications of alternative forms of property rights and of different methods of protecting property rights.