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This paper analyzes how imperfections of property rights affect allocation of assetsand welfare, using micro-survey data from Bulgaria. Co-ownership of assets iswidespread in many countries due to inheritance. Central and Eastern Europe offersan interesting natural experiment to assess the effects of such rights imperfectionsbecause of the asset restitution process in the 1990s. Bulgaria is particularlyinteresting because of the prominence of the co-ownership problem (about half of allland plots are co-owned), because of the strong fragmentation of land, and because oflegislation providing an instrument to separate out chosen (endogenous) versus forced(exogenous) forms of co-ownership. We find that land in co-ownership is much morelikely to be used by less efficient farm organizations or to be left abandoned, and thatit leads to significant welfare losses.

Subject(s): Land Economics/Use

Issue Date: 2007

Publication Type: Conference Paper/ Presentation

PURL Identifier: http://purl.umn.edu/9449

Total Pages: 33

Series Statement: 103rd EAAE Seminar 'Adding Value to the Agro-Food Supply Chain in the Future Euromediterranean Space'

Record appears in: European Association of Agricultural Economists (EAAE) > 103rd Seminar, April 23-25, 2007, Barcelona, Spain





Autor: Vranken, Liesbet ; Macours, Karen ; Noev, Nivelin ; Swinnen, Johan F.M.

Fuente: http://ageconsearch.umn.edu/record/9449?ln=en



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