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dc.contributor.authorGall, Thomasen_US
dc.contributor.authorMasella, Paoloen_US
dc.date.accessioned2011-07-15T14:21:48Z-
dc.date.available2011-07-15T14:21:48Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48350-
dc.description.abstractEconomic institutions determine prospects for growth and development. This paper examines necessary conditions for an economy to support institutions that implement markets. Agents differ in land holdings, skill, and power. A competitive market assigns land to the skilled, not necessarily to the powerful. Therefore a market allocation needs to be robust to coalitional expropriation. In a dynamic setting, market payoffs may induce sufficient inequality in next period's endowments for markets to alternate with expropriation in a limit cycle, decreasing efficiency and amplifying macroeconomic fluctuations. Long run stability of markets is favored by higher social mobility, more initial equality, and less mismatch between demand and supply.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesProceedings of the German Development Economics Conference, Berlin 2011 30en_US
dc.subject.jelE02en_US
dc.subject.jelO43en_US
dc.subject.jelC71en_US
dc.subject.ddc330en_US
dc.subject.keywordExpropriationen_US
dc.subject.keywordmarket institutionsen_US
dc.subject.keywordinequalityen_US
dc.subject.keywordfluctuationsen_US
dc.subject.keywordcoalition formationen_US
dc.titleMarkets and Junglesen_US
dc.typeConference Paperen_US
dc.identifier.ppn66532698X-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:gdec11:30-
Appears in Collections:Proceedings of the German Development Economics Conference, 2011 (Berlin)

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