Search Results - subject:"Demsetz"

The Duverger-Demsetz Perspective on Electoral Competitiveness and Fragmentation: With Application to the Canadian Parliamentary System, 1867-2011

Ferris, J Stephen; Winer, Stanley L.; Grofman, Bernard - 2016

We combine Duverger’s Law (1954) with Demsetz’s (1968) theory of natural monopoly to provide a novel perspective on … Duverger’s Law. We provide support for this Duverger-Demsetz perspective by studying the relationship between the concentration …

Persistent link: https://www.econbiz.de/10011431297

The Duverger-Demsetz perspective on electoral competitiveness and fragmentation : with application to the Canadian parliamentary system, 1867-2011

Ferris, J. Stephen; Winer, Stanley L.; Grofman, Bernard - 2016

We combine Duverger's Law (1954) with Demsetz's (1968) theory of natural monopoly to provide a novel perspective on … Duverger's Law. We provide support for this Duverger-Demsetz perspective by studying the relationship between the concentration …

Persistent link: https://www.econbiz.de/10011428344

Bundle-of-Sticks Notions in Legal and Economic Scholarship

Claeys, Eric R. - In: Econ Journal Watch 8 (2011) 3, pp. 205-214

The phrase "bundle of rights" does not serve as an accurate conceptual definition of property. Nor has that phrase provided a helpful metaphor as used in Ronald Coase's article "The Problem of Social Cost" (1960) and subsequent legal and economic scholarship. Coase's usage portrays property...

Persistent link: https://www.econbiz.de/10009293450

The basic public finance of public-private partnerships

Engel, Eduardo M. R. A.; Fischer, Ronald D.; Galetovic, … - 2007

Public-private partnerships (PPPs) cannot be justified because they free public funds. When PPPs are justified on efficiency grounds, the contract that optimally balances demand risk, user-fee distortions and the opportunity cost of public funds, features a minimum revenue guarantee and a...

Persistent link: https://www.econbiz.de/10010273786

The Basic Public Finance of Public-Private Partnerships

Engel, Eduardo; Fischer, Ronald; Galetovic, Alexander - Cowles Foundation for Research in Economics, Yale University - 2007

Public-private partnerships (PPPs) have been justified because they release public funds or save on distortionary taxes. However, the resources saved by a government that does not finance the upfront investment are offset by giving up future revenue flows to the concessionaire. If a PPP can be...

Persistent link: https://www.econbiz.de/10005762742

The Basic Public Finance of Public-Private Partnerships

Engel, Eduardo; Fischer, Ronald; Galetovic, Alexander - Economic Growth Center, Economics Department - 2007

Public-private partnerships (PPPs) cannot be justified because they free public funds. When PPPs are desirable because the private sector is more efficient, the contract that optimally trades demand risk, user-fee distortions and the opportunity cost of public funds is characterized by a minimum...

Persistent link: https://www.econbiz.de/10005558469

Coasean Economics and the Evolution of Marine Property in Hawaii

Kaiser, Brooks; Roumasset, James - Department of Economics, University of Hawaii-Manoa - 2004

The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property...

Persistent link: https://www.econbiz.de/10005765419

How to Auction an Essential Facility When Underhand Integration is Possible

Engel, Eduardo; Fischer, Ronald; Galetovic, Alexander - 2002

countries. For this reason some countries have awarded these facilities via Demsetz auctions, to the port operator that bids the … lowest cargo-handling fee. A major concern with Demsetz auctions in this context, is that the winning operator may integrate … floor, however, a Demsetz auction is worse than no regulation at all of the bottleneck monopoly. Our results apply beyond …

Persistent link: https://www.econbiz.de/10010369132

Highway Franchising and Real Estate Values

Engel, Eduardo; Fischer, Ronald; Galetovic, Alexander - 2002

It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications...

Persistent link: https://www.econbiz.de/10010369177

Competition In or For the Field: Which is Better

Engel, Eduardo; Fischer, Ronald; Galetovic, Alexander - 2002

to charge the monopoly price. This paper compares a Demsetz auction, which awards an exclusive contract to the agent … sold, a Demsetz auction is best. Moreover, a planner who wants to maximize social surplus also prefers a Demsetz auction. …

Persistent link: https://www.econbiz.de/10010369246