A Reexamination of the Coase Theorem
This paper makes three advances: 1) It fixes the empty-core problem of the Coase theorem; 2) it provides the smallest upper bound of transaction costs below which the optimal or efficient outcomes can be achieved; and 3) it establishes two mathematical theorems that capture the main insights and maj...
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| Format: | Article |
| Language: | English |
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Society for the Promotion of Mechanism and Institution Design
2018-12-01
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| Series: | Journal of Mechanism and Institution Design |
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| Online Access: |
http://www.mechanism-design.org/arch/v003-1/p_05.pdf
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