Abstract
We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting from different initial conditions. However, in contrast to the property rights approach, the most efficient ownership structure is joint ownership. These results are neither consistent with the self-interest model nor with models that assume that all people behave fairly, but they can be explained by the theory of inequity aversion that focuses on the interaction between selfish and fair players.
Dokumententyp: | Paper |
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Keywords: | Ownership Rights; Double Moral Hazard; Fairness; Reciprocity; Incomplete Contracts |
Fakultät: | Volkswirtschaft
Volkswirtschaft > Munich Discussion Papers in Economics Volkswirtschaft > Munich Discussion Papers in Economics > Mikroökonomik Volkswirtschaft > Munich Discussion Papers in Economics > Industrieökonomik Volkswirtschaft > Munich Discussion Papers in Economics > Verhaltenswissenschaftliche Ökonomik Volkswirtschaft > Munich Discussion Papers in Economics > Institutionenökonomik Volkswirtschaft > Lehrstühle > Seminar für Wirtschaftstheorie |
Themengebiete: | 300 Sozialwissenschaften > 300 Sozialwissenschaft, Soziologie
300 Sozialwissenschaften > 330 Wirtschaft |
JEL Classification: | C7, C9, J3 |
URN: | urn:nbn:de:bvb:19-epub-727-9 |
Sprache: | Englisch |
Dokumenten ID: | 727 |
Datum der Veröffentlichung auf Open Access LMU: | 11. Nov. 2005 |
Letzte Änderungen: | 08. Nov. 2020, 07:12 |
Alle Versionen dieses Dokumentes
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Fairness and the Optimal Allocation of Ownership Rights. (deposited 10. Jul. 2012, 13:11)
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Fairness and the Optimal Allocation of Ownership Rights. (deposited 15. Apr. 2014, 09:00)
- Fairness and the Optimal Allocation of Ownership Rights. (deposited 11. Nov. 2005) [momentan angezeigt]
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Fairness and the Optimal Allocation of Ownership Rights. (deposited 15. Apr. 2014, 09:00)