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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.

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Paper provided by Sonderforschungsbereich 504, Universit├Ąt Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 97-05.

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Length: 0 pages
Date of creation: 01 Jan 1997
Date of revision:
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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