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Assets, Attributes and Ownership

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Author Info
Kirsten Foss
Nicolai J. Foss

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Abstract

The notion of full asset ownership is important in economics, for example, in recent work on the boundaries of the firm, which 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 world of positive measurement and enforcement costs, implies that the notion of full asset ownership is problematic. New property 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 positive enforcement and measurement cost setting, and suggest that 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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Paper provided by Department of Industrial Economics and Strategy, Copenhagen Business School in its series IVS/CBS Working Papers with number 00-3.

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Handle: RePEc:ivs:iivswp:00-3

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Keywords: Ownership property rights economic organization

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  17. Umbeck, John, 1981. "Might Makes Rights: A Theory of the Formation and Initial Distribution of Property Rights," Economic Inquiry, Oxford University Press, vol. 19(1), pages 38-59, January.
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  21. Barzel, Y., 1994. "The Capture of Wealth by monopolists and the Protection of Property Rights," Working Papers 94-3, University of Washington, Department of Economics.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  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. [Downloadable!]
  2. Kirsten Foss, Nicolai J. Foss, 2000. "Theoretical isolation in contract theory: suppressing margins and entrepreneurship," Journal of Economic Methodology, Taylor and Francis Journals, vol. 7(3), pages 313-339, November. [Downloadable!] (restricted)
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  3. 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. [Downloadable!]
  4. Nicolai J. Foss, 2002. "'Coase vs Hayek': Economic Organization and the Knowledge Economy," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 9(1), pages 9-35, February. [Downloadable!] (restricted)
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  5. Kirsten Foss & Nicolai J. Foss, 2004. "The Next Step in the Evolution of the RBV: Integration with Transaction Cost Economics," Management Revue, Rainer Hampp Verlag, vol. 15(1), pages 107-121. [Downloadable!]
  6. Geoffrey M. Hodgson, 2002. "The Legal Nature of the Firm and the Myth of the Firm-Market Hybrid," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 9(1), pages 37-60, February. [Downloadable!] (restricted)
  7. Nicolai Foss & Kirsten Foss & Peter G. Klein & Sandra K. Klein, . "Heterogeneous Capital, Entrepreneurship, and Economic Organization," IVS/CBS Working Papers 2002-02, Department of Industrial Economics and Strategy, Copenhagen Business School. [Downloadable!]
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This page was last updated on 2008-10-9.

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