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Anarchy, Monopoly, and Predation

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  • Peter T. Leeson

Abstract

Although institutions rooted in the folk theorem can support self-enforcing exchange in a wide variety of contexts, their potential to create cooperation is not limitless. In particular, the folk theorem may break down when some agents are physically stronger than others. I demonstrate this in the context of Stringham's [2006] vertically integrated proprietary communities. In this system a monopoly proprietor maximizes profits by optimally extorting his tenants in violation of voluntary contracts. The result is a predatory rather than voluntary regime.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 163 (2007)
Issue (Month): 3 (September)
Pages: 467-482

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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200709)163:3_467:amap_2.0.tx_2-w

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Cited by:
  1. Powell, Benjamin & Stringham, Edward, 2009. "Public choice and the economic analysis of anarchy: a survey," MPRA Paper 26097, University Library of Munich, Germany.
  2. Libman, Alexander Mikhailovich, 2009. "Эндогенные Границы И Распределение Власти В Федерациях И Международных Сообществах
    [ENDOGENOUS BOUNDARIES AND DISTRIBUTION O
    ," MPRA Paper 16473, University Library of Munich, Germany.

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