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Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information

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  • Neeman, Zvika

Abstract

We show that in public good problems under asymmetric information, the success of voluntary bargaining is closely related to the structure of property rights. We characterize property rights structures and mediated bargaining procedures that either lead to an efficient voluntary resolution to public good problems, or achieve the efficient outcome but slightly coerce the agents into participation. In this respect, we identify "efficient" property rights structures. Copyright 1999 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 66 (1999)
Issue (Month): 3 (July)
Pages: 679-91

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Handle: RePEc:bla:restud:v:66:y:1999:i:3:p:679-91

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Cited by:
  1. Martimort, David & De Donder, Philippe & de Villemeur, Étienne, 2003. "An Incomplete Contract Perspective on Public Good Provision," IDEI Working Papers 212, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. Eliaz, Kfir & Spiegler, Ran, 2009. "Bargaining over bets," Games and Economic Behavior, Elsevier, vol. 66(1), pages 78-97, May.
  3. Martin Besfamille & Jean-Marie Lozachmeur, 2010. "NIMBY and mechanism design under different constitutional constraints," International Tax and Public Finance, Springer, vol. 17(2), pages 114-132, April.
  4. Paul Schweinzer, 2003. "Dissolving a Common Value Partnership in a Repeated 'queto' Game," Discussion Paper Series dp318, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  5. George Halkos & Nicholas Kyriazis, 2003. "Property Rights and Game-Theory Implications of Satellite Communications: The Bilateral Case of Greece and Russia," European Journal of Law and Economics, Springer, vol. 15(3), pages 233-250, May.
  6. Martimort, David & Sand-Zantman, Wilfried, 2011. "A Mechanism Design Approach to Climate Agreements," IDEI Working Papers 682, Institut d'Économie Industrielle (IDEI), Toulouse, revised 30 Apr 2013.
  7. Jackson, Matthew O. & Kremer, Ilan, 2004. "The relationship between the allocation of goods and a seller's revenue," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 371-392, June.
  8. Norman,P., 2000. "Efficient mechanisms for public goods with use exclusions," Working papers 15, Wisconsin Madison - Social Systems.
  9. Segal, Ilya R. & Whinston, Michael D., 2011. "A simple status quo that ensures participation (with application to efficient bargaining)," Theoretical Economics, Econometric Society, vol. 6(1), January.
  10. Calbay, Arman, 2006. "Property Rights and Theory of Value," MPRA Paper 25827, University Library of Munich, Germany, revised 31 Jul 2009.
  11. Martin F. Hellwig, 2003. "Public-Good Provision with Many Participants," Review of Economic Studies, Oxford University Press, vol. 70(3), pages 589-614.
  12. Strappazzon, Loris & Ha, Arthur & Eigenraam, Mark & Duke, Charlotte & Stoneham, Gary, 2003. "Efficiency of alternative property right allocations when farmers produce multiple environmental goods under the condition of economies of scope," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 47(1), March.
  13. Robert Gibbons, Editor & John Roberts, Editor, 2012. "The Handbook of Organizational Economics," Economics Books, Princeton University Press, edition 1, volume 1, number 9889.
  14. Birulin, Oleksii, 2006. "Public goods with congestion," Journal of Economic Theory, Elsevier, vol. 129(1), pages 289-299, July.
  15. Schmitz, Patrick W., 2002. "On simple contracts, renegotiation under asymmetric information, and the hold-up problem," MPRA Paper 12530, University Library of Munich, Germany.
  16. Schmitz, Patrick W., 2002. "Simple contracts, renegotiation under asymmetric information, and the hold-up problem," European Economic Review, Elsevier, vol. 46(1), pages 169-188, January.

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