CONTENTS 
10 
The titling role of possession 207 
BENITO ARRUNADA 
I. A general theory of impersonal exchange 207 
2. Hypotheses on reliance on possession as evidence for titling 
}. The informational value of physical possession in commercial 
exchange 216 
The informational value of possession in real property exchange 
The informational value of documentary possession 226 
[1 Specific issues 235 
Possession and licenses: the FCC, weak spectrum 
rights, and the LightSquared debacle 237 
RICHARD A. EPSTEIN 
I. Introduction: possession and ownership, then and now 
2. Ownership and possession of land and chattels 238 
3. Spectrum rights: property or license 246 
4. The LightSquared debacle 254 
212 
37 
Jurisdiction, choice of law, and property 
266 
'20 
DANIEL KLERMAN 
I. Introduction 266 
2. Choice of law 269 
3. Jurisdiction 281 
Conclusion 287 
j 1 
12 
Small property, adverse possession, and optional law 290 
SHITONG QIAO 
I. Introduction 290 
2. Challenging property law through small property 291 
3. Framing the question: adverse possession in Ayres’ cathedral 296 
4. Structuring legal entitlements for small property 302 
Conclusion: an optional law approach to informal property rights 315 
Title in the shadow of possession 320 
ABRAHAM BELL 
I. Introduction 320 
2. Justifying the importance of possession 
3. Possession as a valuable attribute 324 
4. Different kinds of property rights 325 
5. Lawful and unlawful possession 328