Coasean approach

Elodie Bertrand ()
Additional contact information
Elodie Bertrand: ISJPS - Institut des sciences juridique et philosophique de la Sorbonne - UMR 8103 - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: a. Empirical, case-based approach defended by Ronald H. Coase (1910-2013), who was awarded the 1991 the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (the "Nobel Prize" of economics). In opposition to mainstream economics, which he considered too "abstract", Coase aimed at building economic theory out of empirical case studies. They must, first, found realistic assumptions – in opposition to Friedman's (1953) manifesto. Second, they must be used in the design of policies: they allow the analysis of the specific initial circumstances and a comparison of alternative actual institutional arrangements. b. Bilateral exchange of environmental rights (to pollute or to be protected from pollution) that would reach optimality even in the absence of competitive markets. This approach is named after the Coase theorem, and is supposed to base, for example, the efficiency of payments for environmental services. c. In Coase's spirit (Coase, 1960), refers to the necessity of introducing positive transaction costs in the analysis, which may impede the mutually advantageous exchanges referred to in b and make other solutions more desirable. More largely, refers to policy design by comparison of institutional arrangements rather than by reference to the ideal world of perfect competition.

Date: 2023
References: Add references at CitEc
Citations:

Published in Dictionary of Ecological Economics. Terms for the New Millenium, 2023

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04246877

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().