Abstract This article considers theapplicability of the Coase theorem (in bothits positive and
normative formulations) tothe political market. The articleanalogizes the choice of decision
rules inthe political market to the choice of legalrules in the traditional Coase theorem ...

Contrary to theoretical expectations, measures of willingness to accept greatly exceed
measures of willingness to pay. This paper reports several experiments that demonstrate
that this" endowment effect" persists even in market settings with opportunities to learn. ...

Joseph Farrell very economist kept awake by noisy neighbors must have relieved the tedium
of counting sheep by pondering the social institutions that make this kind of thing happen. A
classical answer is that Pareto-efficiency normally requires competitive markets, and since ...

Do societies choose inefficient policies and institutions? An extension of the Coase theorem
to politics would suggest the answer is no. This paper discusses various approaches to
political economy and develops the argument that there are strong empirical and ...

I would not presume to discuss the value of the theory of the core for economic analysis.
What I will do is to explain why study of the example which Professors Aivazian and Callen
use as the basis of their argument'has not led me to modify my views.

IN The Problem of Social Cost, 1 Ronald Coase investigated the economic effects of liability
rules for externalities when the affected parties can bargain with each other. More
specifically, Coase posited that a change in a liability rule will leave the agents' production ...

The Coase Theorem'is the most significant legal-economic proposition to gain currency
since the early utilitarians identified the maximization of individual satisfaction with
consumer freedom from conscious state regulation. 2 The Theorem is simple in structure, ...

Abstract The Coase theorem evolved from Ronald Coase's classic 1960 article,“The
Problem of Social Cost,” and is one of the most controversial propositions in modern
economics, with an impact stretching across economics, law, and sundry other fields. This ...

Abstract Anyone who has taught the Coase Theorem to fresh minds has experienced first
hand the wonder and admiration which it inspires, yet Coase never wrote it down, and, when
others try, it probably turns out to be false or a tautology. The proposition, or propositions, ...

Abstract Ronald Coase, an economist at the University of Chicago, proposed a
groundbreaking yet highly counterintuitive idea in a 1960 paper that is now known as the"
Coast Theorem." The theorem presented a radical idea: it said that if initial property rights ...