Showing 1 - 10 of 19
We show that armed actors refrain from using their power to arbitrarily steal from an economy if, and only if, the armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and protected various villages in Democratic Republic of the...
Persistent link: https://www.econbiz.de/10012510510
cooperation. We show that a judicious allocation of asset ownership can help by reducing the incentives to engage in hold up. In …
Persistent link: https://www.econbiz.de/10012465106
This paper presents a simple new method for estimating the size of 'wealth effects' on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as 'habits' in the asset pricing literature) to distinguish between short-run and long-run...
Persistent link: https://www.econbiz.de/10012465914
Real and private-value assets--defined here as the sum of real estate, infrastructure, collectibles, and non-corporate business equity--is an investment class worth an estimated $85 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such...
Persistent link: https://www.econbiz.de/10012496134
How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities? This paper incorporates insecure property rights into a standard model of urban land prices and density, and makes predictions about investment in...
Persistent link: https://www.econbiz.de/10012533342
Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of … addressed through government contacting and regulation without resort to government ownership. The case for private provision …
Persistent link: https://www.econbiz.de/10012472146
over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence … to land were broadly distributed, Americans could participate in capital markets using land as collateral. This ability …
Persistent link: https://www.econbiz.de/10012453172
shifted the allocation of upper-tail human capital. Graduates of Protestant universities increasingly took secular, especially …
Persistent link: https://www.econbiz.de/10012453780
forced labor income as capital. The regional distribution of wealth and the effects of the Civil war appear very different if … capital accumulation. Among others, we find that counties with a higher share of enslaved property before the Civil War or …
Persistent link: https://www.econbiz.de/10014247998
This paper provides a broad overview of recent trends in solid waste and recycling, related public policy issues, and … the economics literature devoted to these topics. Public attention to solid waste and recycling has increased dramatically … makers choose the efficient mix of policy levers to regulate solid waste and recycling activities. Economists have also …
Persistent link: https://www.econbiz.de/10012471458