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Resale Markets and the Assignment of Property Rights


  • Jehiel, Phillipe

    () (ENPC, CERAS, Paris and UCL, London)

  • Moldovanu, Benny

    () (Department of Economics, University of Mannheim, Germany)


An indivisible good can be consumed by one of several agents. The consumption involves identity-dependent externalities to non-consumers. Resale markets for such goods are analyzed in various institutional settings where agents cannot commit to future actions. We address the following questions: Does the identity of the original property right owner matter from the determination of the final consumer? Is the final outcome always efficient? It is shown that a negative answer to the first question is possible even if the answer to the second question is also negative.

Suggested Citation

  • Jehiel, Phillipe & Moldovanu, Benny, 1997. "Resale Markets and the Assignment of Property Rights," Sonderforschungsbereich 504 Publications 97-05, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  • Handle: RePEc:xrs:sfbmaa:97-05 Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.

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    References listed on IDEAS

    1. Matthews, Steven & Moore, John, 1987. "Monopoly Provision of Quality and Warranties: An Exploration in the Theory of Multidimensional Screening," Econometrica, Econometric Society, vol. 55(2), pages 441-467, March.
    2. Jehiel, Philippe & Moldovanu, Benny & Stacchetti, Ennio, 1996. "How (Not) to Sell Nuclear Weapons," American Economic Review, American Economic Association, vol. 86(4), pages 814-829, September.
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    More about this item

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities


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