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Economics of Property Rights and Insurance and Risk of Coordination Failure of the Network of Division of Labor

In: Inframarginal Economics

Author

Listed:
  • Xiaokai Yang

    (University of New South Wales, Australia)

  • Wai-Man Liu

    (University of New South Wales, Australia)

Abstract

The following sections are included:Uncertainties in Transactions and the Economics of Property RightsTrade offs among Economies of Division of Labor, Coordination Reliability, and Benefits of CompetitionEndogenization of Coordination Reliability in Each TransactionThe Yang-Wills model endogenizing risk of coordination failure for each transactionThe efficient extent of externalitiesPerfect competition is inefficientRisk of mass unemploymentEconomics of property rights and the soft budget constraintSubstitution between Precise Enforcement of Property Rights and CompetitionUncertainty and Risk AversionA Model with Insurance and Endogenous Specialization in the Absence of Moral HazardThe Division of Labor and Endogenous Transaction Costs caused by Complete InsuranceFurther ReadingQuestions

Suggested Citation

  • Xiaokai Yang & Wai-Man Liu, 2008. "Economics of Property Rights and Insurance and Risk of Coordination Failure of the Network of Division of Labor," World Scientific Book Chapters, in: Inframarginal Economics, chapter 14, pages 411-464, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812837929_0014
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    More about this item

    Keywords

    Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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