I examine Ronald Coase's criticism of standard regulatory and tax policies to address environmental externalities. I …. Regulation, tax, and Coasean exchange, such as through cap-and-trade regimes, are presented as substitutes, based on the relative … for the costs of political bargaining and lobbying that arise from implementing and administering government regulation …

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …

negotiations are feasible and side payments are based on the realized level of externalities. Results show that an increase in …

;apos; theory of financial contracting predicts that liquidation values determine the allocation of bargaining power between …

Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather … uncommon. I argue that the ubiquity of regulation is explained not so much by the failure of markets, or by asymmetric … accounts for the ubiquity of regulation, for its growth over time, as well as for the fact that contracts themselves are …