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dc.contributor.authorvan Long, Ngoen_US
dc.contributor.authorSorger, Gerharden_US
dc.date.accessioned2009-01-28T15:53:36Z-
dc.date.available2009-01-28T15:53:36Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18891-
dc.description.abstractWe extend the model of insecure property rights by Tornell and Velasco (1992) and Tornell and Lane (1999) by adding three features: (i) extracting the common property asset involves a private appropriation cost, (ii) agents derive utility from wealth as well as from consumption, and (iii) agents can be heterogeneous. We show that both an increase in the appropriation cost and, when appropriation costs vary across agents, an increase in the degree of heterogeneity of these costs reduce the growth rate of the public capital stock. We also show that, in the interior equilibrium, the private asset can have either a lower or a higher money rate of return than the common property asset.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesCESifo working papers 1253en_US
dc.subject.jelO40en_US
dc.subject.jelC73en_US
dc.subject.ddc330en_US
dc.subject.keywordcorruptionen_US
dc.subject.keywordproperty rightsen_US
dc.subject.keywordgrowthen_US
dc.subject.keywordappropriation costen_US
dc.subject.stwEigentumsrechten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwKorruptionen_US
dc.subject.stwTheorieen_US
dc.titleInsecure property rights and growth : the roles of appropriation costs, wealth effects, and heterogeneityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn470755571en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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