Resale Markets and the Assignment of Property Rights
研究不可分割商品消费对非消费者产生身份依赖外部性时，转售市场中初始所有者身份是否影响最终消费者及结果效率，发现即使存在交易成本，产权初始分配仍无关紧要，补充了科斯定理。
The consumption of an indivisible good causes identity-dependent externalities to non-consumers. We analyse resale markets where the current owner designs the trading procedure, but cannot commit to future actions. We ask the following questions: (1) Does the identity of the initial owner matter for the determination of the final consumer? (2) Is the outcome always efficient? The major conclusion of our paper is that the irrelevance of the initial structure of property rights arises in resale processes even if there are transaction costs that hinder efficiency. This result complements the Coasian view where the irrelevance of the assignment of property rights is a consequence of efficiency.