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On the Ends of the State : Stationary Bandits and the Time Horizon in Eastern Congo

Henn, Soeren J.; Mugaruka, Christian M.; Ortiz, Miguel; … - National Bureau of Economic Research - 2021

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

Hold-up, Asset Ownership, and Reference Points

Hart, Oliver - 2007

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

How Large Is the Housing Wealth Effect? A New Approach

Carroll, Christopher D. - 2006

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

Goetzmann, William N.; Spaenjers, Christophe; … - National Bureau of Economic Research - 2021

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

Property Rights and Urban Form

Djankov, Simeon; Glaeser, Edward L.; Perotti, Valeria; … - National Bureau of Economic Research - 2021

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

State Versus Private Ownership

Shleifer, Andrei - 1998

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

Property Rights to Frontier Land and Minerals : US Exceptionalism

Libecap, Gary D. - 2018

over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence …

Persistent link: https://www.econbiz.de/10012453172

Religious Competition and Reallocation : The Political Economy of Secularization in the Protestant Reformation

Cantoni, Davide - 2017

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...

Persistent link: https://www.econbiz.de/10012453780

Wealth and Property Taxation in the United States

Dray, Sacha; Landais, Camille; Stantcheva, Stefanie - National Bureau of Economic Research - 2023

We study the history and geography of wealth accumulation in the US, using newly collected historical property tax records since the early 1800s. The US General Property Tax was a comprehensive tax on all types of property (real, personal, and financial), making it one of the first "wealth...

Persistent link: https://www.econbiz.de/10014247998