Resale Markets and the Assignment of Property Rights
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.
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|Date of creation:||01 Jan 1997|
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|Note:||Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.|
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