Arbeitspapier

Fairness and the Optimal Allocation of Ownership Rights

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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 from different initial conditions. However, in contrast to the property rights approach, the most efficient ownership structure is joint ownership. These results are neither consistent with the self-interest model nor with models that assume that all people behave fairly, but they can be explained by the theory of inequity aversion that focuses on the interaction between selfish and fair players.

Language: Englisch

Bibliographic citation: Series: Munich Discussion Paper ; No. 2005-21

Classification: Wirtschaft

Subject: Ownership Rights
Double Moral Hazard
Fairness
Reciprocity
Incomplete Contracts

Event: Geistige Schöpfung

(who): Fehr, Ernst
Kremhelmer, Susanne
Schmidt, Klaus M.

Event: Veröffentlichung

(who): Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät

(where): München

(when): 2005

DOI: doi:10.5282/ubm/epub.727

Handle: http://hdl.handle.net/10419/104173

URN: urn:nbn:de:bvb:19-epub-727-9

Last update: 10.03.2025, 11:43 AM CET

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Object type

Arbeitspapier

Associated

Fehr, Ernst
Kremhelmer, Susanne
Schmidt, Klaus M.
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät

Time of origin

2005

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