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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. Tracy R. Lewis, 1996. "Protecting the Environment When Costs and Benefits Are Privately Known," RAND Journal of Economics, The RAND Corporation, vol. 27(4), pages 819-847, Winter.
  2. Peter Norman, 2004. "Efficient Mechanisms for Public Goods with Use Exclusions," Review of Economic Studies, Wiley Blackwell, vol. 71(4), pages 1163-1188, October.
  3. De Donder, Philippe & Martimort, David & de Villemeur, Étienne, 2005. "An Incomplete Contract Perspective on Public Good Provision," Open Access publications from University of Toulouse 1 Capitole http://neeo.univ-tlse1.fr, University of Toulouse 1 Capitole.
  4. Eliaz, Kfir & Spiegler, Ran, 2009. "Bargaining over bets," Games and Economic Behavior, Elsevier, vol. 66(1), pages 78-97, May.
  5. Calbay, Arman, 2006. "Property Rights and Theory of Value," MPRA Paper 25827, University Library of Munich, Germany, revised 31 Jul 2009.
  6. Robert Gibbons, Editor & John Roberts, Editor, 2012. "The Handbook of Organizational Economics," Economics Books, Princeton University Press, edition 1, volume 1, number 9889.
  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. Pérez-Nievas, Mikel, . "Interim efficient allocation mechanisms," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/7220, Universidad Carlos III de Madrid.
  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. 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.
  11. Martin Besfamille & Jean-Marie Lozachmeur, 2008. "NIMBY and mechanism design under different constitutional constraints," Department of Economics Working Papers 2008-11, Universidad Torcuato Di Tella.
  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, vol. 47(1), March.
  13. Birulin, Oleksii, 2006. "Public goods with congestion," Journal of Economic Theory, Elsevier, vol. 129(1), pages 289-299, July.
  14. Martimort, David & Sand-Zantman, Wilfried, 2011. "A Mechanism Design Approach to Climate Agreements," TSE Working Papers 11-251, Toulouse School of Economics (TSE), revised 21 Sep 2011.
  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. 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.
  17. 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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