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Information Gathering, Transaction Costs and the Property Rights Approach

Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2005

The property rights approach to the theory of the firm suggests that ownership structures are chosen in order to provide ex ante investment incentives, while bargaining is ex post efficient. In contrast, transaction cost economics emphasizes ex post inefficiencies. In the present paper, a party...

Persistent link: https://www.econbiz.de/10005067623

Contract Enforcement, Comparative Advantage and Long-Run Growth

Ottaviano, Gianmarco - C.E.P.R. Discussion Papers - 2007

The effects of the quality of institutions on economic development and comparative advantage have been so far investigated separately. This paper proposes a theoretical framework in which trade patterns and growth rates are jointly determined by international differences in contract enforcement...

Persistent link: https://www.econbiz.de/10005498068

Externalities, Communication and the Allocation of Decision Rights

Bester, Helmut - C.E.P.R. Discussion Papers - 2005

This paper views authority as the right to undertake decisions that impose externalities on other members of the organization. When only decision rights can be contractually assigned to one of the organization's stakeholders, the optimal assignment minimizes the resulting inefficiencies by...

Persistent link: https://www.econbiz.de/10005114267

Investments in physical capital, relationship-specificity, and the property rights approach

Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2013

We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the implications of different degrees of relationship-specificity when there are two parties, A and B, who can make investments in physical capital (instead of human capital). If...

Persistent link: https://www.econbiz.de/10011083975

Relational Contracts and Property Rights

Blonski, Matthias; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2002

We propose a general framework for analyzing and comparing ownership structures with respect to creating incentives for co-operative behavior (e.g. efficient investment) in long-run relationships. We generalize models by Garvey (1995), Halonen (2002), and Baker, Gibbons and Murphy (2002) and...

Persistent link: https://www.econbiz.de/10005792045

Externalities and the Allocation of Decision Rights in the Theory of the Firm

Bester, Helmut - C.E.P.R. Discussion Papers - 2002

This Paper views authority as the right to undertake decisions that have external effects on other members of the organization. Because of contractual incompleteness, monetary incentives are insufficient to internalize these effects in the decision-maker’s objective. The optimal assignment of...

Persistent link: https://www.econbiz.de/10005661581

Vog: Using Volcanic Eruptions to Estimate the Health Costs of Particulates and SO2

De Paula, Áureo; Halliday, Timothy J.; Lynham, John - C.E.P.R. Discussion Papers - 2015

Kilauea volcano is the largest stationary source of SO2 pollution in the United States of America. Moreover, the SO2 … pollution variation to estimate the impact of particulate matter and SO2 on emergency room admissions and costs in the state of … evidence that particulate pollution increases pulmonary-related hospitalization. Specifically, a one standard deviation …

Persistent link: https://www.econbiz.de/10011252621

Pollution and Growth: What Do We Know?

Grossman, Gene - C.E.P.R. Discussion Papers - 1993

water quality. Pollution may rise with growth, because an increased scale of economic activity means more emissions, ceteris … pollution there is no evidence at all that a turning point has yet been reached. The paper goes on to discuss the economic …

Persistent link: https://www.econbiz.de/10005498085

Acid Rain

Newbery, David M G - C.E.P.R. Discussion Papers - 1990

current agreement on uniform reductions from 1980 levels is inefficient and costly. The evidence suggests that SO2 pollution …

Persistent link: https://www.econbiz.de/10005281281

Are the Costs of Cleaning Up Eastern Europe Exaggerated? Economic Reform and the Environment

Hughes, Gordon - C.E.P.R. Discussion Papers - 1990

Widespread concern has been expressed that the costs of reducing environmental pollution in Eastern Europe will divert …

Persistent link: https://www.econbiz.de/10005281413