Partnerships based on Joint Ownership
- In a unifying framework generalizing established theories we characterize under which conditions Joint Ownership of assets creates the best cooperation incentives in a partnership. We endogenise renegotiation costs and assume that they weakly increase with additional assets. A salient sufficient condition for optimal cooperation incentives among patient partners is if Joint Ownership is a Strict Coasian Institution for which transaction costs impede an efficient asset reallocation after a breakdown. In contrast to Halonen (2002) the logic behind our results is that Joint Ownership maximizes the value of the relationship and the costs of renegotiating ownership after a broken relationship.
Author: | Matthias BlonskiORCiDGND, Daniel HerboldGND |
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URN: | urn:nbn:de:hebis:30:3-828593 |
DOI: | https://doi.org/10.1016/j.geb.2024.01.007 |
ISSN: | 0899-8256 |
Parent Title (English): | Games and economic behavior |
Publisher: | Elsevier |
Place of publication: | Amsterdam |
Document Type: | Article |
Language: | English |
Date of Publication (online): | 2024/01/25 |
Date of first Publication: | 2024/01/19 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2024/03/01 |
Tag: | Coase Theorem; Joint Ownership; Property rights; Relational contracts; Renegotiation |
Volume: | 144 |
Page Number: | 20 |
First Page: | 183 |
Last Page: | 202 |
HeBIS-PPN: | 519211650 |
Institutes: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Sammlungen: | Universitätspublikationen |
Licence (German): | Creative Commons - Namensnennung-Nicht kommerziell - Keine Bearbeitung 4.0 |