Who are the principals and who are the agents? A Leontief-type model of ownership structures

A simple algebraic model of a property structure leading to the Leontief in put-output scheme is developed and used to eliminate indirect ownership rel ations and to evaluate the final distribution of property among individual owners. A hierarchical principal-agent problem is identified. Furthermore, the implications of indirect ownership relations and the hierarchical agenc y relationship with regard to general equilibrium theory are discussed.