Resale Markets and the Assignment of Property Rights

Philippe Jehiel () and Benny Moldovanu ()

No 97-05, Sonderforschungsbereich 504 Publications from Sonderforschungsbereich 504, Universität Mannheim, Sonderforschungsbereich 504, University of Mannheim

Abstract: An indivisible good can be consumed by one of several agents. The consumption involves identity-dependent externalities to non-consumers. Resale markets for such goods are analyzed in various institutional settings where agents cannot commit to future actions. We address the following questions: Does the identity of the original property right owner matter from the determination of the final consumer? Is the final outcome always efficient? It is shown that a negative answer to the first question is possible even if the answer to the second question is also negative.

Pages: 0 pages
Date: 1997-01-01
Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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Related works:
Journal Article: Resale Markets and the Assignment of Property Rights (1999)
Working Paper: Resale Markets and the Assignment of Property Rights (1997)
Working Paper: Resale Markets and the Assignment of Property Rights (1995)
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