Chiang, Shin-Hwan; Li, Xiang - In: Journal of Institutional and Theoretical Economics (JITE) 166 (2010) 3, pp. 426-438
This paper examines the origins of property rights in the presence of production uncertainty. Since stealing others' possessions is permitted under anarchy, the winner is able to enjoy the lion's share of total outputs produced by all parties, and this generates a diversification effect, since...