The Social Efficiency of Private Decisions to Enforce Property Rights
研究在完全竞争经济中，私人决定执行产权的成本可能高于或低于社会最优水平，导致多重均衡和资源使用低效，对产权与效率关系感兴趣的学者值得一读。
Costs must be incurred if an owner is to enforce private property rights effectively. The authors show that, in a perfectly competitive economy, private decisions to enforce rights may result in either more or less enforcement than is socially efficient. Cases of multiple stable equilibria occur and an equilibrium may be locally, but not globally, efficient. Resources may not be employed in their socially most valuable uses and enforcement may be accompanied by inefficient investment in resource productivity. Copyright 1992 by University of Chicago Press.