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Investment under Anarchy

Author

Listed:
  • David M. Bruner
  • Robert J. Oxoby

Abstract

This paper presents an experimental test of a 2-player, one-shot game of conflict in which we vary the strength of property rights and the return on investment. Our results suggest that stronger property rights reduce conflict and increase investment. Contrary to intuition, we find increasing the rate of return has practically no effect on investment and that this failure to stimulate investment is largely due to deficiencies in property right institutions.

Suggested Citation

  • David M. Bruner & Robert J. Oxoby, 2012. "Investment under Anarchy," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 168(4), pages 731-753, December.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201212)168:4_731:iua_2.0.tx_2-e
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    Cited by:

    1. David M. Bruner & John R. Boyce, 2013. "Voluntary Contributions to Property Rights," Working Papers 13-14, Department of Economics, Appalachian State University.

    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P48 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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