The real purpose behind Ronald Coase's article, “The Problem of Social Cost” is to point out that government intervention as a solution to supposed market imperfections are not costless. Since government interventions can perhaps lead to greater costs than the problem the intervention is...

Property is complex but nonetheless, decisions-makers need to make decisions relating to property all the time. This paper uses both traditional law and economics and behavioral law and economics to theoretically consider how decision-makers may make decisions with respect to property. It...

We examine a setting in which property rights are initially ambiguously defined. Whether the parties go to court to remove the ambiguity or bargain and settle privately, they incur enforcement costs. When the parties bargain, a version of the Coase theorem holds. Despite the additional costs of...

In a full-information, zero transactions costs world, the degree of protection afforded to an entitlement does not affect the likelihood of efficient trade. In reality, imperfect information is often inevitable. Specifically, a party will usually have incomplete information about fairness norms...