Exercise 12.21

The two preceding exercises assume a fairly primitive notion of ownership. For example, the buyer starts by owning the dollar bills. This picture begins to break down when, for example, one’s money is in the bank, because there is no longer any specific collection of dollar bills that one owns. The picture is complicated still further by borrowing, leasing, renting, and bailment. Investigate the various commonsense and legal concepts of ownership, and propose a scheme by which they can be represented formally.

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