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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
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Official URL: https://doi.org/10.1093/jleo/ewz012
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 | |||||||||
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| 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: |
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| Volume: | 35 | |||||||||
| Number: | 3 | |||||||||
| Page Range: | pp. 489-512 | |||||||||
| DOI: | 10.1093/jleo/ewz012 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Publisher Statement: | 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 | |||||||||
| RIOXX Funder/Project Grant: |
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