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common property rights into private property rights under the ITQ regime, is basically consistent with the economic theory of … ITQ's, though this part of the theory is often undercommunicated in the political rethorics. In the Icelandic case, the … theory of ITQ's also assumes that quota market prices will reflect the resource rent generated by the fisheries under an ITQ …
Persistent link: https://www.econbiz.de/10009468403
Ronald Coase’s <CitationRef CitationID="CR8">1974</CitationRef> article on lighthouses and the Trinity House case, in particular, has triggered extensive debate on the notion of a public good, but also on the possibility of private production of public goods. The resultant literature has discussed the concept of private property and the...</citationref>
Persistent link: https://www.econbiz.de/10010988027
We show that the optimal prize structure of symmetric n-player Tullock tournaments assigns the entire prize pool to the winner, provided that a symmetric pure strategy equilibrium exists. If such an equilibrium fails to exist under the winner-take-all structure, we construct the optimal prize...
Persistent link: https://www.econbiz.de/10010988128
This article considers an asymmetric contest with incomplete information. There are two types of players: informed and uninformed. Each player has a different ability to translate effort into performance in terms of the contest success function. While one player’s type is known to both...
Persistent link: https://www.econbiz.de/10010988755
Joseph Heath lumps in quotas and protectionist measures with cartelization, taking advantage of information asymmetries, seeking a monopoly position, and so on, as all instances of behavior that can lead to market failures in his market failures approach to business ethics. The problem is that...
Persistent link: https://www.econbiz.de/10010989955
This paper examines renegotiation design in contracts for outsourced information technology (IT) services. Whereas prior literature in information systems has highlighted the likelihood of ex post rent seeking engendered by renegotiation, we build upon literature on incomplete contracts to posit...
Persistent link: https://www.econbiz.de/10010990448
This paper revisits the issue of law enforcement and the design of monetary sanctions when the public law enforcer's incentives depart from those of a benevolent authority, which is the most frequent assumption made in the literature on crime deterrence. We …rst consider the case of an elected...
Persistent link: https://www.econbiz.de/10010992370