'Unclear' initial delineation of property boundaries and the third Coase Theorem

This interdisciplinary study, which references previous research on the evolution of land law and real world examples of land market operating with unclear property boundaries, demonstrates that Ronald Coase's argument that delimitation of property rights is a prelude to market transaction applies to urban development, in which initial property boundaries are unclear. It explains why even a powerful landlord can be unsure of the boundaries of the land of his/her tenants and why this mapping limitation in itself does not inhibit market transactions. When land is treated as an input for a chattel that is no longer fixed to land, area measurement is more important than boundary-fixing. When land becomes valued for its location and fixtures (i.e., as real estate), precise boundary delineations and disputes over the precision of cadastral surveys emerge.