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What is Efficient Ownership in Property Trading about?

This paper examines when asset ownership structures that maximize efficiency will arise through market forces like asset trading. It builds on prior work that showed outside parties may obtain ownership through auctions even when it is inefficient. The paper considers whether efficiency could be achieved if the initial owner could resell the asset or if it was divided through share trading. It finds that bilateral trading restrictions can allow inefficient outside ownership, but with multilateral trading th

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