Property Rights, Corruption and the Allocation of Talent: A General Equilibrium Approach
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.
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|Date of creation:||1996|
|Date of revision:|
|Publication status:||Published in The Economic Journal, 108(450), 1998|
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