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Property Rights, Incomplete Contracts, and Social Harm

Author

Listed:
  • Pitchford, R.
  • Snyder, C.M.

Abstract

The 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).

Suggested Citation

  • Pitchford, R. & Snyder, C.M., 1999. "Property Rights, Incomplete Contracts, and Social Harm," Papers 365, Australian National University - Department of Economics.
  • Handle: RePEc:fth:aunaec:365
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    References listed on IDEAS

    as
    1. William Novshek, 1985. "On the Existence of Cournot Equilibrium," Review of Economic Studies, Oxford University Press, pages 85-98.
    2. Kaneko, Mamoru & Yamamoto, Yoshitsugu, 1986. "The existence and computation of competitive equilibria in markets with an indivisible commodity," Journal of Economic Theory, Elsevier, vol. 38(1), pages 118-136, February.
    3. Lopomo, Giuseppe, 2001. "Optimality and Robustness of the English Auction," Games and Economic Behavior, Elsevier, pages 219-240.
    4. Castelli, Francesco & Leporelli, Claudio, 1993. "Critical mass of users versus critical mass of services in a multiproduct information service system," Information Economics and Policy, Elsevier, vol. 5(4), pages 331-355, December.
    5. Scotchmer, Suzanne, 1985. "Profit-maximizing clubs," Journal of Public Economics, Elsevier, vol. 27(1), pages 25-45, June.
    6. Young, Allan Richard, 1991. "Transaction Cost, Two-Part Tariffs, and Collusion," Economic Inquiry, Western Economic Association International, vol. 29(3), pages 581-590, July.
    7. Ireland, Norman J, 1991. "Welfare and Non-linear Pricing in a Cournot Oligopoly," Economic Journal, Royal Economic Society, vol. 101(407), pages 949-957, July.
    8. Mandy, David M, 1992. "Nonuniform Bertrand Competition," Econometrica, Econometric Society, vol. 60(6), pages 1293-1330, November.
    9. Suzanne Scotchmer, 1985. "Two-Tier Pricing of Shared Facilities in a Free-Entry Equilibrium," RAND Journal of Economics, The RAND Corporation, pages 456-472.
    10. Shaffer, Sherrill, 1987. "Two-Part Tariffs in a Contestable Natural Monopoly," Economica, London School of Economics and Political Science, vol. 54(215), pages 315-316, August.
    11. David M. Kreps & Jose A. Scheinkman, 1983. "Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 326-337, Autumn.
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    Cited by:

    1. Tore Ellingsen & Magnus Johannesson, 2004. "Is There a Hold-up Problem?," Scandinavian Journal of Economics, Wiley Blackwell, pages 475-494.

    More about this item

    Keywords

    PROPERTY RIGHTS ; EXTERNALITIES ; GAME THEORY;

    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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