Yoram Barzel

Economic Analysis of Property Rights (eBook, PDF)

• Format: PDF

Produktbeschreibung

This is a study of the way individuals organise the use of resources in order to maximise the value of their economic rights over these resources. Property rights and all forms of organisation result from people's deliberate actions. In the tradition of Coase, this study offers a unified theoretical structure to deal with exchange, rights formation and organisation which traditional economic theory assumes away. A person's economic property rights over an asset are defined here as the person's ability to gain from the asset by direct consumption or by exchange. It is prohibitively costly to measure accurately all assets' attributes; therefore, rights to them are never fully delineated. Property is consequently in danger of appropriation by others. Individuals enhance their rights by such actions as the protection and better delineation of their assets. In this new edition, Professor Barzel introduces the central role of equity capital as a guarantor of the activities of the firm and elaborates on the distinction between economic rights and legal rights.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 13. April 1997
• Englisch
• ISBN-13: 9781316046265
• Artikelnr.: 44011263

Autorenporträt

Yoram Barzel (1931-2022) was Professor Emeritus of the University of Washington. He published extensively, and helped create the field of economic property rights. He published A Theory of the State (Cambridge, 2002), was president of the Western Economic Association in 2001, and winner of the Elinor Ostrom Lifetime Achievement Award in 2017.

Inhaltsangabe

Part I. Conceptual Issues: 1. The Neoclassical Problem
2. Economic Property Rights
3 : Transaction Costs
4. Information Costs
5. The Theory of Economic Property Rights
Part II. Contracts, Organizations, and Institutions: 6. Exchange, Contracts, and Contract Choice
7. Divided Ownership and Organization
8. Institutions
Part III. Establishing Property Rights: 9. Capture in the Public Domain
10. Forming Property Rights
11. Benefits of the Public Domain
Part IV. Non Price Allocation and Other Issues: 12. Non-wage Labor Markets
13. Property Rights in Non-Market Allocations
14. Additional Property Rights Applications
15. The Property Rights Model
Bibliography
Index.