Discussion Paper Details

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Title: Investment in the Absence of Property Rights: The Role of Incumbency Advantages

Author(s): Kai A. Konrad

Publication Date: November 2001

Keyword(s): contests, endogenous property rights, incumbency advantage, investment and proprietry states

Programme Area(s): Public Economics

Abstract: In many situations the individuals who can generate some output must enter a contest for appropriating this output. This Paper analyses the investment incentives of such agents and the role of incumbency advantages in the contest. Depending on the advantages, an increase in the productivity of the investment can decrease or increase the amount of investment. The results are applied to autocrats' investment behaviour and job specific investment in organizations.

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Bibliographic Reference

Konrad, K. 2001. 'Investment in the Absence of Property Rights: The Role of Incumbency Advantages'. London, Centre for Economic Policy Research.