The Rhino's Horn: Incomplete Property Rights and the Optimal Value of an Asset
Under certain conditions, it is possible for the costs of enforcing property rights to exceed their benefit for assets with high first-best values. Under these conditions, previously privately held assets may revert to the public domain. This paper analyzes this prospect and considers attempts to lower the gross value of the asset as a possible method of maintaining the private property right. The paper examines several examples including built-in obsolescence and penal colonies to demonstrate the general idea. Copyright 2002 by the University of Chicago.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
When requesting a correction, please mention this item's handle: RePEc:ucp:jlstud:v:31:y:2002:i:2:p:s339-58. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division)
If references are entirely missing, you can add them using this form.