Map of istanbul metro for It is just one instance of the truncation of ownership rights by various legal constraints and regulations that are part of our everyday life. The exercise of ownership rights is also effectively constrained by the time the owner can allocate to actually executing the control rights bestowed on him. Truncation of ownership by taxation and regulation is implemented by the society for both economic and noneconomic reasons. An example of the former would be government regulation of automobile emissions. Air pollution caused by any single automobile passing along a road cannot possibly be the subject of negotiations and market-based transactions between the owner of the automobile and passers-by who suffer from inhaling exhaust fumes. Transaction costs are clearly too high for the Coase Theorem to work in such a context. Hence, the government steps in, sets and enforces certain guidelines, effectively reducing the degree of freedom with which automobile owners can exercise their private ownership. Map of istanbul metro 2016.
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