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Auditing and Property Rights

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Author Info

  • Elisabetta Iossa

    ()
    (Brunel University and University of Bristol)

  • Patrick Legros

    ()
    (ECARES, Universit� Libre de Bruxelles, and CEPR)

Abstract

Third-party audit provides incentives to an agent whose actions affect the value of an asset. When audit intensity and outcome are unverifiable, we show that with interim-participation constraints the optimal mechanism may use only the auditor's report, disregarding the agent's information. Furthermore, the auditor obtains the asset and the agent a monetary compensation, when a high asset value is reported. This suggests regulating renewable resources or utility networks by giving entrants the option to buy the right to use the asset at a predetermined price, and financially rewarding incumbents for good performance.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 35 (2004)
Issue (Month): 2 (Summer)
Pages: 356-372

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Handle: RePEc:rje:randje:v:35:y:2004:2:p:356-372

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Cited by:
  1. OZERTURK, Saltuk, 2005. "Stock recommendation of an analyst who trades on own account," CORE Discussion Papers 2005089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Maskin, Eric & Tirole, Jean, 2008. "Public-private partnerships and government spending limits," International Journal of Industrial Organization, Elsevier, vol. 26(2), pages 412-420, March.
  3. Florian Schuett, 2013. "Patent quality and incentives at the patent office," RAND Journal of Economics, RAND Corporation, vol. 44(2), pages 313-336, 06.
  4. Elisabetta Iossa & Francesca Stroffolini, 2012. "Vertical Integration and Costly Demand Information in Regulated Network Industries," Review of Industrial Organization, Springer, vol. 40(4), pages 249-271, June.
  5. Fabrizio Balassone (editor), 2012. "The efficiency of infrastructure spending," Workshop and Conferences 10, Bank of Italy, Economic Research and International Relations Area.
  6. Iossa, Elisabetta & Martimort, David, 2013. "Hidden Action or Hidden Information? How Information Gathering Shapes Contract Design," CEPR Discussion Papers 9552, C.E.P.R. Discussion Papers.
  7. Kuhn, Michael & Siciliani, Luigi, 2013. "Manipulation and auditing of public sector contracts," European Journal of Political Economy, Elsevier, vol. 32(C), pages 251-267.
  8. Elisabetta Iossa & Francesca Stroffolini, 2007. "Integration and Separation with Costly Demand Information," CSEF Working Papers 170, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  9. Shin, Dongsoo, 2008. "Information acquisition and optimal project management," International Journal of Industrial Organization, Elsevier, vol. 26(4), pages 1032-1043, July.

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