Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School
Kirsten Foss and Nicolai J. Foss
Assets, Attributes and Ownership
Abstract: The notion of full asset ownership is important in
economics, for example, in recent work on the boundaries of the firm, which
has been taken up with the issue why it matters who owns an asset. However,
recognizing that assets have multiple attributes, and that these may be
subject to capture in world of positive measurement and enforcement costs,
implies that the notion of full asset ownership is problematic. New
property theorists sidestep these issues by implicitly assuming that
residual rights of control are perfectly enforced (i.e., full asset
ownership obtains). We discuss the notion of property rights and ownership
in a positive enforcement and measurement cost setting, and suggest that
the new property rights model is a part of a more overarching perspective,
which also includes older contributions to property rights economics.
Keywords: Ownership; property rights; economic organization; (follow links to similar papers)
JEL-Codes: D23; D80; L22; (follow links to similar papers)
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