The effect of the initial distribution of labor-related property rights on the allocative efficiency of labor markets
Helmut M. Dietl,
Markus Lang,
Johannes Orlowski
et al.
Abstract:IntroductionThe Coase Theorem posits that frictionless markets efficiently allocate scarce resources as long as property rights are fully specified. Our empirical study investigates how the initial allocation of labor-related property rights influences the allocative efficiency in labor markets for skilled workers within a highly competitive environment—professional basketball. Specifically, we compare two regimes: one where employers can trade workers to other employers without the worker's consent, and anoth… Show more
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