Three Essays on the Optimal Degree of Enforcement of Property Rights PDF Download

Author: Eesha Sen Choudhury
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Languages : en
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Book Description
This dissertation formulates and analyzes three original models dealing with aspects of optimal property rights protection, in varying contexts. Chaper 1 is a survey of the literature on the importance of property and property rights in economic thought beginning from the Physiocratic regime up to the recent literature which deals with implications of imperfect property rights. Chapter 2 considers an overlapping generations model where households accumulate wealth and inuence the political process of determing the optimal property rights regime through maximization of the household welfare function with respect to the tax rate which yields revenue to nance the cost of enforcement of property rights. Both the cases of homogeneous and heterogeneous households are considered. The long run equilibrium levels of income are calculated and stability properties analyzed. It is shown that the optimally determined levels of property rights enforcement evolves over time ...