Property rights design and market process: implications for market theory, marketing theory, and S-D logic

This article highlights the relevance of property rights theory for the development of market and marketing theory from the perspective of service-dominant (S-D) logic. The outcome that market actors promise to cocreate depends on the property rights arrangement characterizing a transaction. Within the institutional framework of an economy, and based on an analysis of contract types and transaction arrangements, the authors explain how property rights both enable and constrain the achievement of the actors' objectives. In addition, the authors discuss the consequences of property rights designs for the domain of marketing theory and elucidate the implications for S-D logic that can be derived from a property rights perspective.