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Akerlof, Robert J. and Holden, Richard (2019) Capital assembly. Journal of Law, Economics, and Organization, 35 (3). pp. 489-512. doi:10.1093/jleo/ewz012 ISSN 8756-6222.

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Official URL: https://doi.org/10.1093/jleo/ewz012

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Abstract

This article explores the problem of assembling capital for projects. It can be difficult to assemble capital, when it is disaggregated, for a project that exhibits increasing returns. Small investors may be reluctant to participate, as they may question the ability of the project owner to raise the additional capital he requires. This suggests the possibility that agents with blocks of capital (capital that is already aggregated) might earn rents. Similarly, agents with “network capital”—that is, an ability to aggregate the capital of others—may earn rents. In this article, we develop a simple theory of capital assembly and discuss the implications for investment and rent distribution.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
SWORD Depositor: Library Publications Router
Library of Congress Subject Headings (LCSH): Economics, Capital, Venture capital, Capital investments, Business enterprises -- Finance, Investments
Journal or Publication Title: Journal of Law, Economics, and Organization
Publisher: Oxford University Press
ISSN: 8756-6222
Official Date: November 2019
Dates:
DateEvent
November 2019Published
13 July 2019Available
11 June 2019Accepted
Volume: 35
Number: 3
Page Range: pp. 489-512
DOI: 10.1093/jleo/ewz012
Status: Peer Reviewed
Publication Status: Published
Reuse Statement (publisher, data, author rights): This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of Law, Economics, and Organization following peer review. The version of record Robert Akerlof, Richard Holden, Capital Assembly, The Journal of Law, Economics, and Organization, Volume 35, Issue 3, November 2019, Pages 489–512, is available online at: https://doi.org/10.1093/jleo/ewz012
Access rights to Published version: Restricted or Subscription Access
Copyright Holders: The Author(s) 2019. Published by Oxford University Press on behalf of Yale University
Date of first compliant deposit: 8 August 2019
Date of first compliant Open Access: 13 July 2021
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
UNSPECIFIEDInstitute for New Economic Thinkinghttp://dx.doi.org/10.13039/100007695
FT130101159[ARC] Australian Research Councilhttp://dx.doi.org/10.13039/501100000923

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