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Land Acquisition: Fragmentation, Political Intervention and Holdout

  • Roy Chowdhury, Prabal

This paper provides a theory of holdout based on the landowners' inability to manage large sums of money and consequent lack of consumption smoothing in case of sale. We find that under some reasonable conditions fragmentation increases holdout and moreover, this happens if and only if large landowners are relatively more willing to sale. Turning to the effects of politicization, we find that voice coupled with collective bargaining increases efficiency provided fragmentation is severe. Further, whether there is political intervention or not depends on the political maturity of the landowners, i.e. if they already have voice or not.

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File URL: http://mpra.ub.uni-muenchen.de/18951/1/MPRA_paper_18951.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18951.

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Date of creation: Nov 2009
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Handle: RePEc:pra:mprapa:18951
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  1. Ted O'Donoghue and Matthew Rabin ., 1997. "Doing It Now or Later," Economics Working Papers 97-253, University of California at Berkeley.
  2. Adam B. Jaffe & Josh Lerner & Scott Stern, 2007. "Innovation Policy and the Economy, Volume 7," NBER Books, National Bureau of Economic Research, Inc, number jaff07-1, October.
  3. Eckart, Wolfgang, 1985. "On the land assembly problem," Journal of Urban Economics, Elsevier, vol. 18(3), pages 364-378, November.
  4. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  5. Binswanger, Hans P. & Deininger, Klaus & Feder, Gershon, 1993. "Power, distortions, revolt, and reform in agricultural land relations," Policy Research Working Paper Series 1164, The World Bank.
  6. Hongbin Cai, 2003. "Inefficient Markov perfect equilibria in multilateral bargaining," Economic Theory, Springer, vol. 22(3), pages 583-606, October.
  7. Cai, Hongbin, 2000. "Delay in Multilateral Bargaining under Complete Information," Journal of Economic Theory, Elsevier, vol. 93(2), pages 260-276, August.
  8. Flavio Menezes & Rohan Pitchford, 2004. "A model of seller holdout," Economic Theory, Springer, vol. 24(2), pages 231-253, August.
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