Balbuzanov, Ivan; Kotowski, Maciej H. - In: Theoretical economics : TE ; an open access journal in … 19 (2024) 4, pp. 1619-1658
This paper investigates the formation of production and trading networks in economies with general interdependencies and complex property rights. We argue that the right to exclude, a core tenet of property, grants asset owners local monopoly power that is amplified by an economy's endogenous...