Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/78395
Authors: 
Roider, Andreas
Year of Publication: 
2000
Series/Report no.: 
Bonn Econ Discussion Papers 12/2000
Abstract: 
The property-rights theory assumes that trade is non-contractible ex-ante and focusses exclusively on the allocation of property-rights. We derive foundations for this focus on property-rights by identifying scenarios where only one of the simple ownership structures is optimal even though trade is contractible. In these scenarios it is optimal: (1) not to sign a trade contract; (2a) to sign a partially enforced trade contract; (2b) such a combination of asset ownership and a trade contract might even achieve the first-best. For the purpose of identifying the optimal simple ownership structure, trade contracts can be neclected in scenarios (2a) and (2b).
Subjects: 
Incomplete Contracts
Property Rights
Specific Investments
JEL: 
D23
D82
L14
L22
Document Type: 
Working Paper

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