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The Rhino's Horn: Incomplete Property Rights and the Optimal Value of an Asset

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  • Allen, Douglas W

Abstract

Under certain conditions, it is possible for the costs of enforcing property rights to exceed their benefit for assets with high first-best values. Under these conditions, previously privately held assets may revert to the public domain. This paper analyzes this prospect and considers attempts to lower the gross value of the asset as a possible method of maintaining the private property right. The paper examines several examples including built-in obsolescence and penal colonies to demonstrate the general idea. Copyright 2002 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 31 (2002)
Issue (Month): 2 (June)
Pages: S339-58

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Handle: RePEc:ucp:jlstud:v:31:y:2002:i:2:p:s339-58

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Web page: http://www.journals.uchicago.edu/JLS/

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Cited by:
  1. Amegashie, J. Atsu, 2006. "Incomplete Property Rights, Redistribution, And Welfare," MPRA Paper 3438, University Library of Munich, Germany.
  2. Marco Magnani, 2013. "Why do dictators like white elephants? An application of the all-pay auction," Economics Bulletin, AccessEcon, vol. 33(3), pages 2260-2269.
  3. J. Atsu Amegashie, 2009. "Incomplete Property Rights and Overinvestment," CESifo Working Paper Series 2711, CESifo Group Munich.
  4. Amegashie, J. Atsu, 2012. "Productive versus destructive efforts in contests," European Journal of Political Economy, Elsevier, vol. 28(4), pages 461-468.
  5. Bertacchini, Enrico & Grazzini, Jakob & Vallino. Elena, 2013. "Emergence and Evolution of Property Rights: an Agent Based Perspective," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201340, University of Turin.
  6. Lee J. Alston & Edwyna Harris & Bernardo Mueller, 2009. "De Facto and De Jure Property Rights: Land Settlement and Land Conflict on the Australian, Brazilian and U.S. Frontiers," NBER Working Papers 15264, National Bureau of Economic Research, Inc.
  7. Amegashie, J.A., 2002. "Incomplete Property Rights and the Optimal Value of an Asset," Working Papers 2002-16, University of Guelph, Department of Economics and Finance.

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