Efficient ownership patterns: three examples

Date
1994
Advisor
Paşa, Mehmet
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Bilkent University
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Language
English
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Thesis
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Abstract

This stud^ provides three exanpdes in whicli llie ownership structure of productive assets affects efhciency oF the economic outcome. We show how the incompleteness of contracts and the s])ecificit y of investments cause inefficient l^ehaviours and reductions in the efficient level of relation-specific investment because of the individuals' o])])ortunisti(' behaviour. We show the importance of ownershi]) on l^ehaviours of agents and their investment decisions l)y affecting the distribution of residual rights over assets and so the distribution of tlie sur])lus from investments. VVV' observe the effects of monitoring on the l)ehaviour of individuals in dilfeient types of ownership patterns.

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Efficiency, incomplete contracts, relation-specific investment, integration, non-integration, indis])ensability, princi])al-agent relatioiislii|), asymmetric information, monitoring, liierarchy, partnershi])
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Published Version (Please cite this version)