Property Rights, Incomplete Contracts, and Social Harm
AbstractThe authors construct a model in which a first mover decides on its location before it knows the identity of the second mover; joint location results in a negative externality. Contracts are inherently incomplete since the first mover's initial decision cannot be specified. The authors analyze several kinds of rights, including damages, injunctions, and rights to exclude (arising from covenants or land ownership).
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Bibliographic InfoPaper provided by Australian National University - Department of Economics in its series Papers with number 365.
Length: 39 pages
Date of creation: 1999
Date of revision:
Contact details of provider:
Postal: THE AUSTRALIAN NATIONAL UNIVERSITY, DEPARTMENT OF ECONOMICS, RESEARCH SCHOOL of PACIFIC STUDIES, RESEARCH SCHOOL OF SOCIAL SCIENCES, G.P.O. 4, CANBERRA ACT 2601 AUSTRALIA..O. BOX 4 CANBERRA 2601 AUSTRALIA.
Web page: http://economics.anu.edu.au/economics.htm
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PROPERTY RIGHTS ; EXTERNALITIES ; GAME THEORY;
Find related papers by JEL classification:
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
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- Ellingsen, Tore & Johannesson, Magnus, 2000.
"Is There a Hold-up Problem?,"
Working Paper Series in Economics and Finance
357, Stockholm School of Economics.
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