Endogenous Property Rights

@article{Guerriero2016EndogenousPR,
  title={Endogenous Property Rights},
  author={Carmine Guerriero},
  journal={The Journal of Law and Economics},
  year={2016},
  volume={59},
  pages={313 - 358}
}
  • Carmine Guerriero
  • Published 2016
  • Economics, Business
  • The Journal of Law and Economics
  • Although property rights are key, their determinants are still poorly understood. When property is fully protected, some potential buyers with valuation higher than that of original owners are inefficiently excluded from trade because of transaction costs. When property rights are weak, low-valuation potential buyers inefficiently expropriate original owners. The trade-off between these two misallocations implies that the protection of property will be stronger the more heterogeneous the… CONTINUE READING
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