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A General Equilibrium Analysis of Ownership, Property Rights and Control in a Transition Economy

By Scandizzo, Pasquale Lucio

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Book Id: WPLBN0000063786
Format Type: PDF eBook
File Size: 0.4 MB
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Title: A General Equilibrium Analysis of Ownership, Property Rights and Control in a Transition Economy  
Author: Scandizzo, Pasquale Lucio
Language: English
Subject: United Nations., Food and Agriculture Organization of the United Nations. FAO agriculture series, Agriculture
Collections: United Nations Food and Agriculture Organization Collection
Publication Date:
Publisher: Food and Agriculture Organization of the United Nations; Digitizer: Fao


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Scandizzo, P. L. (n.d.). A General Equilibrium Analysis of Ownership, Property Rights and Control in a Transition Economy. Retrieved from

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Excerpt: A transition economy is characterised by the fact that neither the contracts nor the property rights are perfectly defined. In general, operators are less informed than their counterparts in market economies, but, at the same time, the institutions available to reduce transaction costs are fewer and less efficient. Households and firms are forced to devote a greater share of their resources to find information in non transparent markets and to avoid opportunistic behaviour by contractual partners. The degree of efficiency in resource use, and the absolute level of employment, however, are subject to a gradual increase, if transition is successful, reducing operational uncertainty, by a more complete specification of individual property rights, through a process of appropriation. Such a process consists in widening the range of possible resource uses, both in terms of technological potential and the number of economic agents. We can consider appropriation as a process that specifies more finely individual property rights under a wider range of options, and producing, in so doing, relevant external economies that have pervasive influence on the general disposition of transactions in the entire economic system. Transition can be thus largely seen as a critical phase of the appropriation process, one in which internalising the externalities within the operators activities shifts the attention to the variation of the agents? cost functions, taking into consideration both costs and benefits of the reference system of laws.


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