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Contracting with externalities and outside options

Bloch, Francis; Gomes, Armando R. - 2004

encompasses many economic models with externalities and outside options. We show that when outside options are pure (i …

Persistent link: https://www.econbiz.de/10011602846

Does the Prisoner's Dilemma Refute the Coase Theorem?

Guerra-Pujol, F. E.; Martínez-García, Orlando I. - 2014

Two of the most important ideas in economics and law are the “Coase Theorem” and the “Prisoner’s Dilemma.” In this paper, the authors explore the relation between these two influential models through a creative thought-experiment. Specifically, the paper presents a pure Coasean version...

Persistent link: https://www.econbiz.de/10014150285

Experimental Tests of Core Theory and the Coase Theorem : Inefficiency and Cycling

Aivazian, Varouj A.; Callen, Jeffrey L.; McCracken, Susan A. - 2008

We examine experimentally the bargaining process and the final allocation of payoffs in games that differ in terms of whether or not the core exists and in the initial allocation of property rights among the players. The paper highlights the interaction between property rights, transaction costs...

Persistent link: https://www.econbiz.de/10014214347

In search of Santa Claus: Samuelson, Stigler, and Coase theorem worlds

Medema, Steven G. - 2021

One of the more striking features of the debate over the Coase theorem is the wide variety of models and theoretical frameworks used to discuss, evaluate, or otherwise analyze Coase's result - an artifact of an ambiguity in Coase's reasoning. Some framed Coase's result in a bargaining context...

Persistent link: https://www.econbiz.de/10012653014

Of Coase and Carbon : The Coase Theorem in Environmental Economics, 1960-1979

Medema, Steven G. - 2014

possible explanations are offered, including the roots of environmental economic theory in the theory of externalities, the …

Persistent link: https://www.econbiz.de/10013067401

Neither Misunderstood Nor Ignored : The Early Reception of Coase's Wider Challenge to the Analysis of Externalities

Medema, Steven G. - 2014

publication to demonstrate that Coase's emphasis on the reciprocal nature of externalities, the importance of transaction costs …

Persistent link: https://www.econbiz.de/10013049240

Is the Coase Theorem Tenable If All Its Assumptions Hold?

Sheng, Yuming - 2017

This paper studies two cases designed by Coase, analyses the effects of legal rules of external damage liability on the costs and resource allocation of the parties at issue, and demonstrates that the Coase Theorem is not tenable even if all its assumptions or conditions hold. The role of...

Persistent link: https://www.econbiz.de/10012966493

Rethinking Market Failure : 'The Problem of Social Cost' Before the 'Coase Theorem'

Medema, Steven G. - 2017

had posed a fundamental challenge to the received theory of externalities and of market failure generally …

Persistent link: https://www.econbiz.de/10014162749

The Coase Theorem and the Empty Core : Inspecting the Entrails after Four Decades

Aivazian, Varouj A.; Callen, Jeffrey L. - 2023

Ronald Coase pioneered the transaction cost approach to the modern analysis of institutions, contracts, and property rights. We argue that core theory enhances Coase’s transaction cost approach by injecting considerations of coalition formation and stability into the analysis. Analysis of...

Persistent link: https://www.econbiz.de/10014255126

What'd I Say? : Coase, Demsetz and the Unending Externality Debate

McChesney, Fred S. - 2004

government intervention to solve them. Externalities (or "social costs") are viewed as perhaps the greatest market failure … context of Ronald Coase's article on "The Problem of Social Cost." Coase explained that externalities manifested a more … transactions costs is not helpful in resolving questions concerning externalities. Even if transaction costs were zero …

Persistent link: https://www.econbiz.de/10014073711