As a contribution to the wider institutional analysis of China's enterprise reform, this paper argues that the principal agent theory is not suitable for analysis of China's public enterprises, notably state-owned enterprises, as by definition, it requires a decision-making principal and clearly...

We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that the subjects achieve the most efficient ownership allocation starting...

We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting...