Going for the Gold: Property Rights and Athletic Effort in Transitional Economie
The modern theory of property rights suggest that the ability of resource owners to appropriate the returns to their supply decisions is the key to understanding the superior economic performance of private market institutions. Incentives matter. It is the prospect of capturing the benefits (and the necessity of bearing the costs) of their own choices under a regime of private property rights that animates individuals to allocate productive resources to their most highly valued uses [ALCHIAN, 1964].
Going for the Gold: Property Rights and Athletic Effort in Transitional Economies” (with Robert D. Tollison), Kyklos 46 (1993), pp. 263–272.