Towards a Theory of Incomplete Property Rights
نویسندگان
چکیده
منابع مشابه
Incomplete property rights and overinvestment
I consider a model in which an asset owner must decide how much to invest in his asset mindful of the fact that an encroacher’s valuation of the asset is increasing in the asset owner’s investment. Due to incomplete property rights, the encroacher and asset owner engage in a contest over the control of the asset after investment has taken place. A standard result is that the asset owner will un...
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In a world where the private protection of property is costly, government redistribution can lead to an increase in aggregate output. This result is not new. The novelty of this paper lies in specifying the conditions under which this efficiencyenhancing redistribution improves everyone’s welfare including the welfare of those whose labor finances the redistributive program (i.e., the rich) and...
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This article provides a brief overview of the Property-Rights Theory of the firm, pioneered by Grossman and Hart (1986) and Hart and Moore (1990), and situates the theory in other literatures.
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It is generally accepted that delineating and enforcing property rights lead to a more efficient use of private property. Thai farmers with secure title, for example, are estimated to be 12-27 percent more productive than their untitled counterparts (Feder 1988). In urban areas the focus has been on the role of security of tenure in enhancing property values and incentives to invest in housing ...
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This paper suggests that due to the changing nature of the firm in today’s business world, viewing shareholders as the sole residual claimants is an increasingly tenuous description of the actual relationships among a firm’s various stakeholders. Thus, a shareholder wealth perspective is increasingly unsatisfactory for the purpose of accurately answering the two fundamental questions concerning...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.1067466