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Economic Analysis of Property Rights : Political Economy of Institutions and Decisions - Yoram Barzel

Economic Analysis of Property Rights

Political Economy of Institutions and Decisions

Paperback Published: 8th September 1997
ISBN: 9780521597135
Number Of Pages: 176

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This is a study of the way people organize the use of resources in order to maximize the value of their economic rights over these resources. A person's economic property rights over an asset are defined here as the person's ability to gain from the asset by direct consumption or by exchange. It is prohibitively costly to measure accurately all assets' attributes; therefore, rights to them are never fully delineated. Property is consequently in danger of appropriation by others - by theft and also by excessive choosing, adverse selection, free riding, and shirking. Individuals enhance their rights (incurring transaction costs) by the protection and better delineation of their assets. In this new edition, Professor Barzel devotes a separate chapter to the firm and emphasizes the central role of equity capital as guarantor of the activities of the firm. In addition, he elaborates on the distinction between economic and legal rights and discusses the emergence of the state.

Series editors' preface
Preface to the second edition
Preface to the first edition
Introductionp. 1
The property rights modelp. 3
The public domain: Rationing by waiting and price controlsp. 16
Contract choice: The tenancy contractp. 33
Divided ownershipp. 55
The old firm and the new organizationp. 65
The formation of rightsp. 85
Slaveryp. 105
Wealth-maximizing constraints on property rightsp. 114
Property rights and non-market allocationp. 128
Additional property rights applicationsp. 139
The property rights model: Recapitulationp. 148
Referencesp. 154
Indexp. 159
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780521597135
ISBN-10: 0521597137
Series: Political Economy of Institutions and Decisions
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 176
Published: 8th September 1997
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 22.73 x 15.37  x 1.09
Weight (kg): 0.24
Edition Number: 2
Edition Type: Revised