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armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …
Persistent link: https://www.econbiz.de/10012510510
We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...
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
, 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 land and property, informality, and the efficiency of land use. Our …How do the different elements in the standard bundle of property rights, including those of possession and transfer …
Persistent link: https://www.econbiz.de/10012533342
Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...
Persistent link: https://www.econbiz.de/10012472146
Latin American frontier land and minerals. Property rights were sharply different across the two frontiers with apparent … social and political stability. The distinct assignment of property rights to land and minerals is likely a basis for long … rights to land in a frontier society affect outcomes in a contemporary, highly urban one are complex. Because property rights …
Persistent link: https://www.econbiz.de/10012453172
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
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 …. Before the Civil war, enslaved people were assessed as personal property of the enslavers, representing almost one-half of …
Persistent link: https://www.econbiz.de/10014247998
Medellin's government wanted to raise its efficacy, legitimacy, and control. The city identified 80 neighborhoods with weak state presence and competing armed actors. In half, they increased non-police street presence tenfold for two years, offering social services and dispute resolution. In...
Persistent link: https://www.econbiz.de/10012814467