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Joint versus Common Ownership of Public Goods

Research output: Working paperDiscussion paper

Maija Halonen-Akatwijuka, Evagelos Pafilis

Original languageEnglish
Publication statusUnpublished - 1 Sep 2016

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Abstract

We compare joint and common ownership of public goods in a repeated game. Under common ownership an owner's access to the public good cannot be restricted by other owners while under joint ownership each owner has a veto power. We find that common ownership maximizes the punishment (in the relevant parameter range) while joint ownership minimizes the gain from deviation. Common ownership is optimal when the returns to investments are low consistent with a stylized fact.

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