| Tekijä: | Jehiel, P. Moldovanu, B. |
| Otsikko: | Resale markets and the assignment of property rights |
| Lehti: | Review of Economic Studies
1999 : OCT, VOL. 66(4):229, p. 971-991 |
| Asiasana: | ECONOMICS PROPERTY RIGHTS SALES |
| Kieli: | eng |
| Tiivistelmä: | The consumption of an indivisible good causes identity- dependent externalities to non-consumers. The authors analyze resale markets where the current owner designs the trading procedure, but cannot commit to future actions. The authors ask the following questions: (1) Does the identity of the initial owner matter for the determination of the final consumer? (2) Is the outcome always efficient? The major conclusion of the paper is that the irrelevance of the initial structure of property rights arises in resale processes even if there are transaction costs that hinder efficiency. |
SCIMA