Abstract
I analyse the emergence of property rights in a model of conflict and production in the absence of institutions of enforcement. The population of agents evolves dynamically through conflicts for possession of factor goods among pairs of randomly matched agents. Conflicts are incomplete information wars of attrition with an agent’s type consisting of his or her independently drawn valuation of the prize and cost of competing for it. I prove equilibrium existence and show that in the steady state of the game, the population sorts into two stable groups (resource “haves” and “have-nots”) in accordance with a known function of their primitive types.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
