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Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 19 [Issue:] 4 [Year:] 2024 [Pages:] 1619-1658
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
This paper investigates the formation of production and trading networks in economies with general interdependencies and complex property rights. We argue that the right to exclude, a core tenet of property, grants asset owners local monopoly power that is amplified by an economy's endogenous production network. Our analysis generalizes the exclusion core, a cooperative solution concept based on the right to exclude, to markets with production. We identify sufficient (and essentially necessary) conditions for the nonemptiness of the exclusion core. Multisourcing and a bias toward shorter supply chains emerge in exclusion-core outcomes. As a methodological contribution, we generalize the top trading cycles algorithm to a production economy and we show that it identifies outcomes in an economy's exclusion core.
Schlagwörter: 
production networks
Property rights
theory of the firm
top trading cycles
JEL: 
C71
D23
D51
L14
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