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The Social Efficiency of Fairness: An Information Economics Approach to InnovationGavin ClarksonUniversity of Houston Law Center Marshall W. Van AlstyneBoston University - Department of Management Information Systems; MIT Sloan School August 15, 2005 TPRC 2005 Abstract: Our key argument is that commitment to a fairness mechanism is socially efficient. The capacity for innovation rises as parties with complementary resources, particularly information, find ways to agree to combine their resources. Traditional mechanisms that focus on ownership and control as a means to eliminating opportunism risk overlook this form of efficiency gain. We show this proposition formally both for individual two-party transactions and more generally for repeated and multi-party interactions.
Number of Pages in PDF File: 41 Accepted Paper SeriesDate posted: July 30, 2012 ; Last revised: October 2, 2012Suggested CitationContact Information
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