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

Medema, Steven G. - 2021 - Version 1.4

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...

Persistent link: https://www.econbiz.de/10012648438

What happened on Blackstone Avenue? : exorcising coase theorem mythology

Medema, Steven G. - 2021 - Version 1.6

The present paper revisits the path by which Coase came to set down the result now generally known as the Coase theorem in his 1960 article. I draw on both the published record and archival resources in an effort to clear away some of the mist and, as it will emerge, dispel some of the...

Persistent link: https://www.econbiz.de/10012590882

Bargaining in the Absence of Property Rights : An Experiment

Bar-Gill, Oren; Engel, Christoph - 2015

The Coase theorem posits: If [1] property rights are perfect, [2] contracts are enforceable, [3] preferences are common knowledge, and [4] transaction costs are zero, then the initial allocation of property rights only matters for distribution, not for efficiency. In this paper we claim that...

Persistent link: https://www.econbiz.de/10014131106

The Coase Theorem, Land Use Entitlements, and Rational Government

Fischel, William A. - 2015

This essay constitutes chapter 6 of my forthcoming book, Zoning Rules! The Economics of Land Use Regulation, which the Lincoln Institute of Land Policy will publish in 2015. This chapter offers a formal structure with which to analyze land use controversies and an evaluation of its relevance....

Persistent link: https://www.econbiz.de/10014134866

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

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

A Biblical Precedent for the Coase Theorem?

Schein, Andrew - 2006

This article suggests that the law of Deuteronomy 23:25, 26, which allows all people unlimited access to fields, is referring to ownerless fields that have only two possible uses, as farmland or as passageways for travelers. If the value of the land as a pathway for travelers is greater than the...

Persistent link: https://www.econbiz.de/10014057446

How to protect entitlements : an experiment

Bar-Gill, Oren; Engel, Christoph - 2017

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...

Persistent link: https://www.econbiz.de/10011633871

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

The Coase mechanism and the iteration argument

Schlicht, Ekkehart - 2017

The "iteration argument" presented in Schlicht (1996) shows that the allocation of property rights may generate inefficiencies, contrary to what the "Coase Theorem", as commonly understood, asserts. The argument may be summarized by saying that markets (and bargaining) cease to function properly...

Persistent link: https://www.econbiz.de/10011579589