Hanssen, F. Andrew; Miceli, Thomas; James W. Meehan, Jr. - Department of Economics, University of Connecticut - 2012
The Grossman-Hart-Moore (GHM) property rights model predicts the assignment of residual claims to the party with the largest effect on an asset’s value. While plausible, the model has proven relatively hard to test. In this paper, we develop a formal model based on GHM, and use it to analyze...