Exchange Efficiency with Weak Ownership Rights
研究了法律对所有者权利的保护程度如何影响交换效率，发现即使保护很弱，只要法律保护与谈判机制不反向相关，效率仍可实现。
We show that efficient exchange obtains independently of the degree to which a legal system protects the rights of owners. We study a number of different legal rules, including property rules (strong protection), liability rules (any party can take the owner's asset but must pay a legally determined compensation), and even rules that protect the owner's interests very weakly (liability rules with a very low compensation level). Efficiency is obtained as long as the degree of protection provided by law and by the bargaining protocol is not “too” inversely correlated with a party's valuation of the asset.