The Coase Theorem

Alex Robson ()

Chapter 3 in Law and Markets, 2012, pp 49-88 from Palgrave Macmillan

Abstract: Abstract When do legal rules matter for efficiency? This chapter presents and discusses the Coase Theorem (1960), which is one of the most important and remarkable findings in economics. The theorem states that under certain conditions legal rules will have no bearing on the economic efficiency of resource allocation. As long as there is some legal rule in place, then an efficient outcome will ensue.

Keywords: Transaction Cost; Cooperative Game; Marginal Rate; Legal Rule; Grand Coalition (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-35494-4_3

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DOI: 10.1057/9780230354944_3

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