Seminar Pricing and Perpetual Royalties with Repeated Resale Departmental Seminar Add to calendar 2025-01-13 11:00 2025-01-13 12:15 Europe/Rome Pricing and Perpetual Royalties with Repeated Resale Seminar Room 3rd Floor Villa La Fonte YYYY-MM-DD Print Share on Facebook Share on X Share on LinkedIn Send by email When 13 January 2025 11:00 - 12:15 CET Where Seminar Room 3rd Floor Villa La Fonte Organised by Department of Economics In this departmental seminar, Matthew Mitchell (University of Toronto) will present the paper 'Pricing and Perpetual Royalties with Repeated Resale.' This paper considers a durable object that is repeatedly resold bilaterally. The results highlight differences between contracting environments which have become practical as record keeping technologies improve. When each owner sets a price unilaterally, trade is reduced relative to one time sales. Fixed royalties to the prior owner, mandated in some countries, are counterproductive: they lower the prior owner’s value. A dynamic contract that maximizes profits for the first owner achieves efficiency in all but the first sale, without achieving full surplus extraction. It can be interpreted as nonlinear perpetual royalties, which have been discussed especially in digital art markets. Scientific Organiser(s): Prof. Özlem Bedre-Defolie (EUI - Department of Economics) Prof. Giacomo Calzolari (European University Institute) Prof. Zeinab Aboutalebi (EUI - Department of Economics) Speaker(s): Prof. Matthew Mitchell (University of Toronto) Contact(s): Blathnaid Meehan