EFICIENCIA Y EQUILIBRIO EN UN MODELO DE FORMACIÓN DE DERECHOS DE PROPIEDAD

In this paper, the authors characterize the stationary competitive equilibrium in a model in which private decisions have to be made to define effective property rights on land. They show that there is an interior competitive equilibrium in which there will be some agents producing in free access la...

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Bibliographic Details
Published in:Trimestre económico 2014-07, Vol.81 (3), p.579
Main Authors: Da-Rocha, José-María, Pujolás, Pau S, Sempere, Jaume
Format: Article
Language:Spanish
Subjects:
Equilibrium
Online Access:Get full text
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Summary:In this paper, the authors characterize the stationary competitive equilibrium in a model in which private decisions have to be made to define effective property rights on land. They show that there is an interior competitive equilibrium in which there will be some agents producing in free access lands and others in private property land. This equilibrium is inefficient because too few plots of land are enclosed.
ISSN:0041-3011