The Pure Economics of the Coase Theorem

摘要: This paper undertakes a rigorous examination of the Coasian bargain in context an otherwise competitive economy. The key feature model is to define technically efficient production functions as solutions complex mathematical problems. Without potential externalities, those problems are solved by internal administrative decisions without aid price mechanism. When externalities arise, these decision require cooperative administration. Since proofs impossibility Case Theorem proceed from presumption imperfect administration, they beg question through mutually contradictory assumptions. Correction this flaw yields pure economic version Coase which largely supports anecdotal versions.