The Coase theorem: coherent, logical, and not disproved

Douglas W. Allen

Journal of Institutional Economics, 2015, vol. 11, issue 2, 379-390

Abstract: There exists a long line of challengers to the ‘Coase Theorem’. All of these rest on fundamental misconceptions of property rights, transaction costs, and their interaction. Here I examine two attacks that have gone unchallenged: one by Halpin, the other by Usher. I argue that both, in failing to either use or understand an adequate definition of transaction costs, fail to deliver a fatal blow to Coase's famous idea.

Date: 2015
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