Asset Ownership and Contractibility of Interaction
نویسندگان
چکیده
منابع مشابه
Asset Ownership and Contractibility of Interaction
In a property-rights framework, I study how organizational form and quantity contracts interact in generating investment incentives. The model nests standard property-rights and holdup models as special cases. I admit general message-dependent contracts, but provide conditions under which non-contingent contracts are optimal. First, I contribute to the foundation of the property-rights theory: ...
متن کاملAsset Ownership and Contractability of Interaction
In a property-rights framework, we study how the organizational form and quantity contracts interact in generating investment incentives. Our model nests standard property-rights and hold-up models as special cases. We admit general message-dependent contracts but provide conditions under which non-contingent contracts are optimal. This allows to fully characterize optimal contracts. First, we ...
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We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers, particularly for hauls where drivers have the greatest incentive to drive in non-optimal ways or engage in re...
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Asset reallocation is often observed in disintegration, divestures, and dissolution of business firms. Yet the property right theory of the firm assumes that asset ownership cannot be renegotiated when business relationships are severed. This paper shows that this assumption is quite innocuous: allowing renegotiation of asset ownership has essentially no effects on the
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ژورنال
عنوان ژورنال: The RAND Journal of Economics
سال: 2004
ISSN: 0741-6261
DOI: 10.2307/1593774