Insecure Property and The Efficiency of Exchange  

Oleh:

Skaperdas, Stergios ; Syropoulos, Constantinos

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 112 no. 476 (2002), page 133-146.
Topik: PROPERTY; insecure property; efficiency; exchange
Fulltext: 133.pdf (170.44KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine the effect of insecure property and its accompanying enforcement costs on the efficiency of exchange. Because of the large enforcement costs that may be induced by the expectation of exchange, limited settlement without exchange may be ex ante superior for an adversary or even Pareto dominant. We therefore show how the removal of restrictions on exchange and the development of secure property are related.

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