Private Property

Definition

Steven N. S. Cheung:

"Any productive resource is a private property if, within well-defined limits, its owner has:

(i) the right to exclude others so that he alone may decide on its use;

(ii) the right to extract exclusive income from its use; and

(iii) the right to transfer or sell the property or resource to any one as he sees fit." (http://opensource.mit.edu/papers/chiao.pdf)