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  Bargaining in the Absence of Property Rights: An Experiment

Bar-Gill, O., & Engel, C. (2015). Bargaining in the Absence of Property Rights: An Experiment.

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Item Permalink: http://hdl.handle.net/11858/00-001M-0000-0029-2463-1 Version Permalink: http://hdl.handle.net/11858/00-001M-0000-002A-428F-D
Genre: Paper

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Locator:
http://www.coll.mpg.de/download/christoph_engel.mp4 (Supplementary material)
Description:
"Can We Distribute Goods Efficiently Without Property Right?", Video

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 Creators:
Bar-Gill, Oren, Author
Engel, Christoph1, Author              
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: Coase theorem, absolute vs. relative right, bargaining, efficiency, distribution, fairness
 JEL: C91 - Laboratory, Individual Behavior
 JEL: D01 - Microeconomic Behavior: Underlying Principles
 JEL: D02 - Institutions: Design, Formation, Operations, and Impact
 JEL: D03 - Behavioral Microeconomics: Underlying Principles
 JEL: D47 - Market Design
 JEL: D61 - Allocative Efficiency; Cost–Benefit Analysis
 JEL: K11 - Property Law
 Abstract: The Coase theorem posits: If [1] property rights are perfect, [2] contracts are enforceable, [3] preferences are common knowledge, and [4] transaction costs are zero, then the initial allocation of property rights only matters for distribution, not for efficiency. In this paper we claim that condition [1] can be dropped and show experimentally that this is also empirically true. This also holds when we frame taking as “stealing”, and when the initial possessor has to work for the good.

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 Dates: 2015
 Publication Status: Published in print
 Pages: 46
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2015/19
 Degree: -

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