Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach
AbstractWe consider an economy where property rights are necessary to ensure sufficient rewards to ex ante investments. Because enforcement of property rights influences the ex post distribution of rents there is room for corruption. We characterize the optimal organization of society and the optimal degree of property rights enforcement subject to incentive constraints of the agents.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 96-12.
Length: 29 pages
Date of creation: 1996
Date of revision:
Publication status: Published in The Economic Journal, 108(450), 1998
PROPERTY RIGHTS; GENERAL EQUILIBRIUM; ECONOMIC DEVELOPMENT;
Other versions of this item:
- Acemoglu, Daron & Verdier, Thierry, 1998. "Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach," Economic Journal, Royal Economic Society, vol. 108(450), pages 1381-1403, September.
- Acemoglu, D. & Verdier, T., 1996. "Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach," Working papers 96-5, Massachusetts Institute of Technology (MIT), Department of Economics.
- Acemoglu, Daron & Verdier, Thierry, 1996. "Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach," CEPR Discussion Papers 1494, C.E.P.R. Discussion Papers.
- D20 - Microeconomics - - Production and Organizations - - - General
- H40 - Public Economics - - Publicly Provided Goods - - - General
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