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Roland Bel
''A note on asset specificity''
( 2015, Vol. 35 No.3 )
In this note, we discuss the theoretical formulation of the concept of specificity and expose preliminary results showing that different types of asset specificity call for the use of different control rights. Contrary to transaction cost and property right theories, but in line with increasing empirical evidence, high levels of specificity do not necessarily lead to unified ownership.
Keywords: Asset specificity, property rights, control rights, incomplete contracts
JEL: D2 - Production and Organizations: General
L2 - Firm Objectives, Organization, and Behavior: General
Manuscript Received : Feb 18 2015 Manuscript Accepted : Jul 24 2015

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