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Department of Industrial Economics & Strategy, Copenhagen Business School Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School

No 00-3:
Assets, Attributes and Ownership

Kirsten Foss and Nicolai J. Foss

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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Handle: RePEc:ivs:iivswp:00-3 This page was generated on 2014-12-14 17:56:56