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Do Initial Allocations of Property Rights Matter?

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  1. So if we give the new property rights to the incumbents, others will perceive it as unfair and the new system won’t work. But if we don’t give the incumbents (many of whom have invested in the old system) the property rights, they’ll perceive it as unfair and the new system won’t work. Great. Is there any allocation of property rights that people would perceive as fair?

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