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Modeling Foundations of Economic Property Rights Theory

An Axiomatic Analysis of Economic Agreements

  • Book
  • © 2005

Overview

Authors:
  1. Vesna Pasetta

    1. EPRSA, Ithaca, USA

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Editors:
  1. Charalambos D. Aliprantis

    1. Department of Economics, Purdue University, West Lafayette, USA

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  2. Nicholas C. Yannelis

    1. Department of Economics, University of Illinois, Champaign, USA

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  • The book offers a unique comprehensive, technically in-depth, and up-to-date treatment of modeling economic agreements by applying recent results of advanced algebras, representation theory, theory of categories, and transmutation theory.
  • Includes supplementary material: sn.pub/extras

Part of the book series: Studies in Economic Theory (ECON.THEORY, volume 23)

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Table of contents (5 chapters)

  1. Front Matter

    Pages I-XXIII
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  2. Economic Property Rights Dilemma

    Pages 1-22

  3. Definition of Enterprises

    Pages 23-70

  4. Opening Structures

    Pages 71-105

  5. Representation Theory

    Pages 107-166

  6. Reconstruction Theory

    Pages 167-214

  7. Back Matter

    Pages 215-229
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Keywords

About this book

This is an introduction to the foundations of economic property rights t- ory (EPRT). In this volume, a ?rst step in the EPRT research program, rules concerningeconomicpropertyrights(e. p. r. s),entrepreneurialagreements,and enterprises are discussed. Introduced concept of e. p. r. s is an extension of the traditional concept of pairing of residual rights of control and residual rights of returns in the economic theory. Its importance in economics is generated fromageneralimpossibilityofmakingacompletecontract,concerninge. p. r. s, for any nontrivial economic transaction. The volume o?ers a theoretical - tension of mathematical economics, applying recent results of Hopf algebras, quasi-Hopf algebras, representation theory, theory of categories, and defor- tion theories, in looking for suitable mathematical methodology of economic property rights theories and foundations of general theory of economic agr- ments. The idea is to construct a kind of mathematical application in which any fundamental formal entity and/or operation has an empirical economic interpretation. This approach is seen as a way to cope with an extreme c- plexity of economic phenomena under consideration and requests for precise formulationofmodelswheremeaningfulanswersandsolutionsofproblemsare only those which are obtained rigorously. The proposed extensions in ma- ematical economics and property rights theory are to provide rich enough foundations to follow complexity of economic property rights in the exact way, and to identify where there is an appropriate method providing a- quate solution, and also to ?nd problems where in general there is no such methodology.

Reviews

From the reviews:

"The monograph is an introduction to the foundations of economic property rights theory on a base of axiomatic analysis of economic agreements. The book offers a theoretical extension of mathematical economics, applying recent results of Hopf algebras, representation theory, theory of categories and deformation theories, in looking for suitable methodology of economic property rights theory and foundations of general theory of economic agreements. … The monograph is relevant for academics … ." (Sergei Georgievich Zhuravlev, Zentralblatt MATH, Vol. 1135 (13), 2008)

Authors, Editors and Affiliations

  • Department of Economics, Purdue University, West Lafayette, USA

    Charalambos D. Aliprantis

  • Department of Economics, University of Illinois, Champaign, USA

    Nicholas C. Yannelis

  • EPRSA, Ithaca, USA

    Vesna Pasetta

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