000102523 001__ 102523 000102523 005__ 20250221175223.0 000102523 0247_ $$2doi$$a10.22004/ag.econ.102523 000102523 037__ $$a595-2016-39982 000102523 041__ $$aeng 000102523 245__ $$aPROPERTY RIGHTS IN A FLEA MARKET ECONOMY 000102523 260__ $$c1999-03 000102523 269__ $$a1999-03 000102523 300__ $$a44 000102523 336__ $$aWorking or Discussion Paper 000102523 490__ $$aMSSD paper 000102523 490__ $$a27 000102523 520__ $$aThis paper studies liberalized grain markets in Madagascar and examines how property rights are protected and contracts are enforced among agricultural traders. We find that the incidence of theft and breach of contract is low and that the losses resulting from such instances are small. This, however, does not result from reliance on legal institutions -- actual recourse to police and courts is fairly rare, except in cases of theft -- but from traders’ reluctance to expose themselves to opportunism. As a result, Malagasy grain trade resembles a flea market, with little or no forward contracting and high transactions costs. The dominant contract enforcement mechanism is trust-based relationships. Trust is established primarily through repeated interaction with little role for referral by other traders. Information on bad clients does not circulate widely, hence severely limiting group punishments for non payment. 000102523 546__ $$aEnglish 000102523 650__ $$aMarketing 000102523 650__ $$aResource/Energy Economics and Policy 000102523 700__ $$aFafchamps, Marcel 000102523 700__ $$aMinten, Bart 000102523 8564_ $$93603add9-877a-4d11-aa67-c607a3fbd76e$$s122682$$uhttps://ageconsearch.umn.edu/record/102523/files/Property%20rights%20in%20a%20flea%20market%20economy.pdf 000102523 887__ $$ahttp://purl.umn.edu/102523 000102523 909CO $$ooai:ageconsearch.umn.edu:102523$$pGLOBAL_SET 000102523 912__ $$nSubmitted by Janelle Andersen (ande9439@umn.edu) on 2011-04-11T16:26:01Z No. of bitstreams: 1 Property rights in a flea market economy.pdf: 122682 bytes, checksum: 65dfba996d460fc5dd04223a616d2ae5 (MD5) 000102523 912__ $$nMade available in DSpace on 2011-04-11T16:26:03Z (GMT). No. of bitstreams: 1 Property rights in a flea market economy.pdf: 122682 bytes, checksum: 65dfba996d460fc5dd04223a616d2ae5 (MD5) Previous issue date: 1999-03 000102523 913__ $$aLicense granted by Janelle Andersen (ande9439@umn.edu) on 2011-04-11T16:23:33Z (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (&ldquo;Work&rdquo;). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (&ldquo;University&rdquo;), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000102523 980__ $$a595 000102523 982__ $$gInternational Food Policy Research Institute>MSSD Discussion Papers