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Why Not a Political Coase Theorem? Social Conflict, Commitment and Politics

Acemoglu, Daron - 2021

Do societies choose inefficient policies and institutions, in contrast to what would be suggested by a reasoning extending the Coase Theorem to politics? Do societies choose inefficient policies and institutions because of differences in the beliefs and ideologies of their peoples or leaders? Or...

Persistent link: https://www.econbiz.de/10013216095

A Coasian Model of International Production Chains

Fally, Thibault - 2015

International supply chains require coordination of numerous activities across multiple countries and firms. We adapt a model of supply chains and apply it to an international trade setting. In each chain, the measure of tasks completed within a firm is determined by transaction costs and the...

Persistent link: https://www.econbiz.de/10013016019

Property Rights, Land Conflict and Tenancy in Brazil

Alston, Lee J. - 2010

Tenancy has been a means for labor to advance their socio-economic condition in agriculture yet in Brazil and Latin … America, tenancy rates are low compared to the U.S. and the OECD countries. We test for the importance of insecure property … conflicts reduce the likelihood of tenancy. This result implies: a reduction in agricultural efficiency; a reduction in the well …

Persistent link: https://www.econbiz.de/10013147156

Payment for Environmental Services : Hypotheses and Evidence

Alston, Lee J. - 2013

The use of Payment for Environmental Services (PES) is not a new type of contract but they have become more in vogue because of the potential for sequestering carbon by paying to prevent deforestation and degradation of forest lands. We provide a framework utilizing transaction costs to...

Persistent link: https://www.econbiz.de/10013087879

Risk Aversion, Liability Rules, and Safety

Zivin, Joshua S. Graff; Just, Richard E.; Zilberman, David - 2021

This paper investigates the performance of liability rules in two-party stochastic externality problems where negotiations are feasible and side payments are based on the realized level of externalities. Results show that an increase in polluter liability does not necessarily increase safety or...

Persistent link: https://www.econbiz.de/10013223861

The Political Coase Theorem : Experimental Evidence

Galiani, Sebastián - 2014

The Political Coase Theorem (PCT) states that, in the absence of transaction costs, agents should agree to implement efficient policies regardless of the distribution of bargaining power among them. This paper uses a laboratory experiment to explore how commitment problems undermine the validity...

Persistent link: https://www.econbiz.de/10013057824

Coase V. The Coasians

Johnson, Simon - 2008

securities law by an independent Securities and Exchange Commission was associated with rapid development of the stock market. In … illustrate the centrality of law enforcement in making markets work, and the possible role of regulators in law enforcement …

Persistent link: https://www.econbiz.de/10012774804

Aggregate Land Rents and Aggregate Transport Costs

Arnott, Richard J. - 2001

This paper explores the relationship between aggregate land rents and aggregate transport costs for land markets in which locations differ solely in terms of accessibility. That there exists a relationship between land rents and transport costs has been recognized at least since the time of von...

Persistent link: https://www.econbiz.de/10012787780

Trading Costs and Informational Efficiency

Dávila, Eduardo - 2019

We study the effect of trading costs on information aggregation and acquisition in financial markets. For a given precision of investors' private information, an irrelevance result emerges when investors are ex-ante identical: price informativeness is independent of the level of trading costs....

Persistent link: https://www.econbiz.de/10012890471

Monetary Dynamics with Proportional Transaction Costs and Fixed Payment Periods

Grossman, Sanford J. - 2021

A general equilibrium model of an economy is presented where people hold money rather than bonds in order to economize on transaction costs. In any such model it is not optimal for individuals to instantaneously adjust their money holdings when new information arrives. The (endogenous) delayed...

Persistent link: https://www.econbiz.de/10013219202