Two Remarks on the Property-Rights Literature

@inproceedings{erature2007TwoRO,
  title={Two Remarks on the Property-Rights Literature},
  author={Li erature and Eric Maskin},
  year={2007}
}
We first point out that the recent property-rights literature is based on three assumptions: (1) that contracts are always subject to renegotiation; (2) that the exercise of a property right confers a private benefit and (3) that parties are risk-neutral. Building on Hart-Moore (1999), we provide conditions under which an optimal contract consists of nothing more than an assignment of property rights. We also examine the robustness of some of the literature's standard predictions about asset… CONTINUE READING
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