Economics of Property Rights and Insurance and Risk of Coordination Failure of the Network of Division of Labor

Xiaokai Yang and Wai-Man Liu
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Wai-Man Liu: University of New South Wales, Australia

Chapter 14 in Inframarginal Economics, 2008, pp 411-464 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Uncertainties in Transactions and the Economics of Property RightsTrade offs among Economies of Division of Labor, Coordination Reliability, and Benefits of CompetitionEndogenization of Coordination Reliability in Each TransactionThe Yang-Wills model endogenizing risk of coordination failure for each transactionThe efficient extent of externalitiesPerfect competition is inefficientRisk of mass unemploymentEconomics of property rights and the soft budget constraintSubstitution between Precise Enforcement of Property Rights and CompetitionUncertainty and Risk AversionA Model with Insurance and Endogenous Specialization in the Absence of Moral HazardThe Division of Labor and Endogenous Transaction Costs caused by Complete InsuranceFurther ReadingQuestions

Keywords: Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2008
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