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
Grillo, M., Boitani, A., Some Reflections on Externalities, Coase Theorem and the Endogenous Determination of Property Rights, <<METROECONOMICA>>, 1992; (3): 309-326 [http://hdl.handle.net/10807/27126]
Some Reflections on Externalities, Coase Theorem and the Endogenous Determination of Property Rights
Grillo, Michele;Boitani, Andrea
1992
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
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