租值消散理论述评

On the Theory of Rent Dissipation

租值消散意味着本来有价值的资源或财产由于一些原因而价值下降或价值消失。造成租值消散的原因主要是资源或财产的产权没有明确界定。在大多数权利没有明确界定的情况下,资源或财产的租值虽然会消散,但不会消散到零,其消散的程度取决于当事人面临的选择程度和形成合约安排的交易成本,原因在于当事人都是极大化的。租值消散理论对于我们理解产权安排对资源配置的重大作用具有重要的启发意义。

Rent dissipation means the value of the valuable resource or property reduces, even vanishs for some reasons. The reasons for rent dissipation is the property rights to a resource or a asset are not defined,which places the resource or asset in the public domain and leads to costly competition. The overdue enforcement costs are also the sources of the rent dissipation in case of the definition of property rights. Rent dissipation is the outcome of price control resulted in non-exclusive income in case of the governmental regulation. The existence of non-exclusive income induces every party involved to scramble for it, which is costly course of competition. Because every party involved is rational agent, however, who seeks to minimize the dissipation subject to constraints, and in some cases, the government regulates the use of the common property, the rent will dissipate, but not all in most cases. The theory of rent dissipation is very important for us to understand the implications of property rights for the allocation of resources.