Item Infomation


Title: 
Property rights, transaction costs, and the limits of the market
Authors: 
Carmine, Guerriero
Issue Date: 
2023
Publisher: 
Springer
Abstract: 
To clarify the determinants and interaction of property rights and transaction costs, I study the design of the property rights on either a good whose consensual transfer entails a transaction inefficiency or an upstream firm’s input whose random cost is nonverifiable and ex ante non-contractible. More disperse traders’ valuations and larger odds that the upstream party can appropriate the quasi-rent induced by contract incompleteness produce more severe transaction inefficiencies and larger incomplete contracting costs, respectively.
Description: 
CC BY
URI: 
https://link.springer.com/article/10.1007/s10101-023-00290-9
https://dlib.phenikaa-uni.edu.vn/handle/PNK/7851
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