Authors discuss the notion of ownership in economics, taking our point of departure
in the Grossman-Hart-Moore property rights approach. They criticize the exclusive
identification of ownership with residual rights to control in this approach, and
argue that economic organization may be rendered determinate under complete contracting
(contrary to the GHM approach). Crucially, they argue that under complete contracting,
some control rights may be appropriable because of measurement and enforcement costs.
This holds the key to a theory of ownership that is not dependent on the notion of
residual rights to control, but rather relies on appropriable control rights. However,
the two perspectives may be complementary rather than rival.