Economic Analysis of Property Rights / Edition 2

Economic Analysis of Property Rights / Edition 2

by Yoram Barzel
     
 

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ISBN-10: 0521597137

ISBN-13: 9780521597135

Pub. Date: 04/28/1997

Publisher: Cambridge University Press

This study offers a unified theoretical structure to analyze exchange, formation of economic rights, and organization. The cost of measuring accurately all assets' attributes is prohibitive. Therefore, rights are never fully delineated and others (using theft, adverse selection, free riding, and shirking) may appropriate one's assets. The central question is how

Overview

This study offers a unified theoretical structure to analyze exchange, formation of economic rights, and organization. The cost of measuring accurately all assets' attributes is prohibitive. Therefore, rights are never fully delineated and others (using theft, adverse selection, free riding, and shirking) may appropriate one's assets. The central question is how people allocate resources and organize their activities to maximize the value of their rights. The approach emphasizes nonmarket constraints, but is also applicable to market economies. It is useful for analyzing allocations within organizations as well as allocation by voting and charity. Chapters have been extended for this second edition and a new chapter devoted to the firm has been added.

Product Details

ISBN-13:
9780521597135
Publisher:
Cambridge University Press
Publication date:
04/28/1997
Series:
Political Economy of Institutions and Decisions Series
Edition description:
REV
Pages:
176
Product dimensions:
5.98(w) x 8.98(h) x 0.39(d)

Table of Contents

Introduction; 1. The property rights model; 2. The public domain: rationing by waiting and price controls; 3. Contract choice: the tenancy contract; 4. Divided ownership; 5. The old firm and the new organization; 6. The formation of rights; 7. Slavery; 8. Wealth maximization constraints on property rights; 9. Property rights and non-market allocation; 10. Additional property rights applications; 11. The property rights model: recapitulation; References.

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