The concept of strategic interdependence has opened a wide spectrum of explanation beyond the Robinson Crusoe economy. This essay explores the implications of strategic interdependence for the theory of property rights and the "new institutional economics" (Schotter). It attempts to clarify some of the linkages from institutional economics to micro- and macroeconomic theory by considering how property institutions result from strategic interdependence, confer payoffs to individual agents, and reflect collective choices based on individual preferences.
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C. Ford Runge (1984) studied this question.
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