English, Article edition: A RENT EXTRACTION THEORY OF RIGHT OF FIRST REFUSAL -super-* Albert H. Choi

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  • article
Language
  • English

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Title
  • A RENT EXTRACTION THEORY OF RIGHT OF FIRST REFUSAL -super-*
Author
  • Albert H. Choi
Physical Description
  • article
Notes
  • When a seller encumbers a property with a right of first refusal, whenever a third party offers to purchase the property, the right-holder can acquire the property by simply matching the third party's offer. I model the right as a modified auction where the right-holder gets to observe the third party's bid before making his own. I show that, compared to the standard auctions, the right increases the joint profit of the seller and the right-holder by reducing the third party's profit. This result is independent of whether the third party is aware of the right's existence and whether the right creates a welfare loss. Copyright 2009 The Authors. Journal compilation 2009 Blackwell Publishing Ltd. and the Editorial Board of The Journal of Industrial Economics.
  • RePEc:bla:jindec:v:57:y:2009:i:2:p:252-262
Language
  • English
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