The Social Efficiency of Fairness: An Innovation Economics Approach to Innovation
Waikoloa, HI(2007)
摘要
Certain default rules for adjudicating property rights disputes retard innovation by discouraging information sharing. Reasons, identified as far back as Arrow 1962, include inspecting the value of information and uncertainty over future contingent claims. In response, we propose a solution based on a simple definition of "fairness." This unblocks innovation by increasing willingness to share private information.
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关键词
social efficiency,simple definition,future contingent claim,certain default rule,adjudicating property rights dispute,discouraging information sharing,innovation economics approach,private information,unblocks innovation,value of information,property rights
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