Information Asymmetries and the Rights to Exclude

Abstract

How does a resource owner choose which exclusion strategy to adopt?This paper's most important insight is that information costs are often the primary factor guiding a resource owner's decision about which right to exclude he should exercise in a particular context.More precisely, when a prospective entrant has private information about his preferences and behaviors that the resource owner cannot obtain at a low cost, the resource owner essentially will delegate the exclusion function to the prospective entrant, using either exclusionary vibes or an exclusionary amenities strategy.When, by contrast, pertinent information asymmetries do not exist, the resource owner generally will prefer a bouncer's right strategy.

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