私有财产是垄断另一面.pptVIP

The Vickrey Commons has a flaw: it does not give people an incentive to take care of, or invest in, the assets under their control.If a person wishes to retain an asset, she must outbid other potential buyers whenever the asset is returned to the Commons and put up for bid again. This means that if she increases the value of the assets through a private investment, she will be required to pay a higher price to retain it-and that extra amount will offset the increase in value, ensuring that she obtain no return on her investment. By contrast, private property provides optimal incentives for such capital investments because any increase in the value of the asset to both the seller and the potential buyer is perfectly captured by the seller. The owner of an apartment benefits from the fresh coat of paint if she remains in the apartment or, if she sells it, via the price premium that the buyer pays in return for an apartment with new paint. Private property rights enable the owner to capture the return on her investment by charging an increased price. Note, however, that this only provides optimal incentives to the current possessor of the asset. If other individuals, in the community, the government or the nation in which the possessor resides may influence the value of the asset, it will not typically be optimal。  2、投资效率（ Investment Efficiency ） 2、投资效率（ INVESTMENT EFFICIENCY ） 维克雷共同体有一个缺陷：当人们控制一项资产时，它不能给予人们照顾或者投资这项资产的激励。如果一个人希望保留资产，他（她）就必须报价高于其他的竞争者，否则资产将返回给共同体，再次投标。这意味着，如果通过私人投资增加资产的价值，她将被要求支付更高的价格来保留，额外的金额将抵消价值的上涨，确保她的投资没有回报。 相比之下，私人财产为这种资本投资提供了最佳的激励措施，因为卖方和潜在买方的资产价值的任何增加都被卖方完全获得。如果公寓的所有者住在公寓里，公寓的所有者将受益于新鲜的油漆，或者如果她出售，则通过买方支付的价格溢价给新的油漆公寓，私有产权使得所有者可以通过收取更高的价格来获取投资回报。但是请注意，这只能为当前资产所有者提供最佳的激励。如果其他个人，社区，政府或拥有人所在的国家可能会影响资产的价值，即使从投资角度看，拥有者拥有资产的全部价值，通常也不会是最优的。 小结 In