Synopsis
In this text the author develops a theory of the costliness of transactions and then integrates this theory into a model of property rights. He demonstrates its utility by applying these models to problems that include rights formation, slavery and resource allocation in non-market settings.
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Book Description
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 non-market constraints, but is also applicable to market economies. It is useful for analyzing allocations within organizations as well as allocation by voting and charity.
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Economic Analysis of Property Rights
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Cambridge University Press, 1989
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ISBN 13: 9780521367042
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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ISBN 10: 0521367042
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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ISBN 13: 9780521367042
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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ISBN 10: 0521367042
ISBN 13: 9780521367042
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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Economic Analysis of Property Rights (Political Economy of Institutions and Decisions)
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