Abstract
The paper analyses how an incomplete contract for allocation of property rights can be agreed upon in state-of-nature and shows that such contractual agreement has the essential feature of a borrower-lender relationship, since it inherently entails an 'intertemporal' act of exchange
| Original language | English |
|---|---|
| Pages (from-to) | 309-326 |
| Number of pages | 18 |
| Journal | Metroeconomica |
| Publication status | Published - 1992 |
Keywords
- Externalities
- Property Rights