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Behavioral Economics Commons

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2014

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Auction theory

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Full-Text Articles in Behavioral Economics

Governing Communities By Auction, Abraham Bell, Gideon Parchomovsky Jan 2014

Governing Communities By Auction, Abraham Bell, Gideon Parchomovsky

All Faculty Scholarship

Common interest communities have become the property form of choice for many Americans. As of 2010, sixty-two million Americans lived in common interest communities. Residents benefit from sharing the cost of common amenities – pools, lawns, gazebos – and from rules that ensure compliance with community expectations. But decisionmaking in common interest communities raises serious concerns about minority abuse and manipulation, a problem well known to all property law students. Decisions about which amenities will be provided and which rules will be enacted are typically made through some combination of delegation and voting. Delegates often act for their own benefit, …