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Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach

Author

Listed:
  • Acemoglu, D.
  • Verdier, T.

Abstract

We 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.

Suggested Citation

  • Acemoglu, D. & Verdier, T., 1996. "Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach," DELTA Working Papers 96-12, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:96-12
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    Keywords

    PROPERTY RIGHTS; GENERAL EQUILIBRIUM; ECONOMIC DEVELOPMENT;
    All these keywords.

    JEL classification:

    • D20 - Microeconomics - - Production and Organizations - - - General
    • H40 - Public Economics - - Publicly Provided Goods - - - General

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