War, Pillage, and Markets
AbstractNeoclassical economic theory has produced an extensive body of knowledge about market exchange based on cooperati ve relations: private property. This leads to an artificial dichotomy between cooperation and conflict though. It is best to view market exchange as lying along a continuum of conflict and cooperation. Conflict and cooperation are intertwined. From a game theoretic mode l of Hobbes' world, the author shows that a number of property rights structures are possible. Each is characterized as possessing varyin g degrees of conflict and cooperation. Finally, from a repeated game, he shows how conflictual relations (mutual predation) may support more cooperative relations (private property). This new equilibrium is sub-game perfect. Copyright 1993 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Public Choice.
Volume (Year): 75 (1993)
Issue (Month): 2 (February)
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Web page: http://www.springerlink.com/link.asp?id=100332
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- Charles Anderton & John Carter, 2004.
"Vulnerable Trade: The Dark Side of an Edgeworth Box,"
0411, College of the Holy Cross, Department of Economics.
- Anderton, Charles H. & Carter, John R., 2008. "Vulnerable trade: The dark side of an Edgeworth box," Journal of Economic Behavior & Organization, Elsevier, vol. 68(2), pages 422-432, November.
- Anderton, Charles H., 1999. "Appropriation possibilities in a simple exchange economy," Economics Letters, Elsevier, vol. 63(1), pages 77-83, April.
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