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Asset Ownership and Contractibility of Interaction

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Author Info
Andreas Roider () (Stanford University)

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Abstract

In a property-rights framework, I study how organizational form and quantity contracts interact in generating investment incentives. The model nests standard property-rights and hold-up models as special cases. I admit general message-dependent contracts but provide conditions under which noncontingent contracts are optimal. First, the article contributes to the foundation of the property-rights theory: I characterize under which circumstances its predictions are correct when trade is contractible. Second, I study how the optimal use of the incentive instruments depends on the environment. Finally, the model offers a new perspective on the classic Fisher Body case and produces implications that are empirically testable.

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

Volume (Year): 35 (2004)
Issue (Month): 4 (Winter)
Pages: 787-802
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Handle: RePEc:rje:randje:v:35:y:2004:4:p:787-802

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Web page: http://www.rje.org

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Related research
Keywords: Organizational Behavior; Transaction Costs; Property Rights Capital Budgeting; Investment Policy; cost of capital Transactional Relationships; Contracts and Reputation; Networks Contracts; Investment; Property Rights; Property;

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy
L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. George Baker P. & Thomas N. Hubbard, 2001. "Empirical Strategies in Contract Economics: Information and the Boundary of the Firm," American Economic Review, American Economic Association, vol. 91(2), pages 189-194, May. [Downloadable!] (restricted)
  2. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-58, December. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Stephanie Rosenkranz & Patrick W. Schmitz, 2006. "Can Coasean bargaining justify Pigouvian taxation?," Bonn Econ Discussion Papers bgse7_2006, University of Bonn, Germany. [Downloadable!]
    Other versions:
  2. Andreas Roider, 2006. "Fisher Body revisited: Supply contracts and vertical integration," European Journal of Law and Economics, Springer, vol. 22(2), pages 181-196, September. [Downloadable!] (restricted)
  3. Andreas Roider, 2003. "Delegation of Authority as an Optimal (In)complete Contract," Bonn Econ Discussion Papers bgse8_2003, University of Bonn, Germany, revised Aug 2004. [Downloadable!]
    Other versions:
  4. Oliver Gürtler, 2006. "Optimal Ownership Structures in the Presence of Investment Signals," Discussion Papers 103, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  5. Feess, Eberhard & Gerfin, Michael & Muehlheusser, Gerd, 2008. "Contracts as Rent Seeking Devices: Evidence from German Soccer," IZA Discussion Papers 3834, Institute for the Study of Labor (IZA). [Downloadable!]
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This page was last updated on 2009-11-13.

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