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Assets, Attributes and Ownership

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  • Kirsten Foss
  • Nicolai Foss

Abstract

The notion of full asset ownership is important in economics, for example, in recent work on the boundaries of the firm. Much of this work has been taken up with the issue why it matters who owns an asset. However, recognizing that assets have multiple attributes, and that these may be subject to capture in a world of positive measurement and enforcement costs, implies that the notion of full asset ownership is problematic. New property rights theorists sidestep these issues by implicitly assuming that residual rights of control are perfectly enforced (i.e. full asset ownership obtains). We discuss the notion of property rights and ownership in a setting characterized by positive costs of enforcement, and suggest that in such a setting, the new property rights model is a part of a more overarching perspective, which also includes older contributions to property rights economics.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 8 (2001)
Issue (Month): 1 ()
Pages: 19-37

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Handle: RePEc:taf:ijecbs:v:8:y:2001:i:1:p:19-37

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Keywords: Ownership; Property Rights; Economic Organization;

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References

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Citations

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Cited by:
  1. Nicolai J. Foss & Peter G. Klein, 2005. "The Theory of the Firm and Its Critics A Stocktaking and Assessment," DRUID Working Papers 05-03, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  2. Foss, Nicolai J. & Klein, Peter G. & Kor, Yasemin Y. & Mahoney, Joseph T., 2006. "Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis," Working Papers 06-0121, University of Illinois at Urbana-Champaign, College of Business.
  3. Jongeneel, Roelof A. & Polman, Nico B.P. & Slangen, Louis H.G., 2005. "Explaining the Changing Institutional Organisation of Dutch Farms: The Role of Farmer's Attitude, Advisory Network and Structural Factors," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24526, European Association of Agricultural Economists.
  4. Nicolai J. Foss, . ""Coase vs Hayek": Economic Organization in the Knowledge Economy," IVS/CBS Working Papers 2001-6, Department of Industrial Economics and Strategy, Copenhagen Business School.
  5. Chaserant, Camille, 2007. "Les fondements incomplets de l’incomplétude : Une revue critique de la théorie des contrats incomplets," L'Actualité Economique, Société Canadienne de Science Economique, vol. 83(2), pages 227-253, juin.
  6. Nicolai Foss, 2001. "Bounded Rationality in the Economics of Organization: Present Use and (Some) Future Possibilities," Journal of Management and Governance, Springer, vol. 5(3), pages 401-425, September.
  7. Jongeneel, Roelof A. & Polman, Nico B.P. & Slangen, Louis H.G., 2005. "Why Are Farmers Going Multifunctional?," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24585, European Association of Agricultural Economists.
  8. Frohwein, Torsten & Burr, Wolfgang, 2011. "Emerging issues in the further development of the resource-based view of the firm," Research Papers on Innovation, Services and Technology 1/2011, University of Stuttgart, Institute of Business Administration, Department I - Institute of Research & Development and Innovation Management.

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