Theme of the Lecture: when can institutions not improve efficiency? When can we not improve upon market outcomes? Coase Theorem: Efficiency and Bargaining -- closely related to value maximization.
Planning Theory, Vol. 14, No. 1 (2015), pp. 44-69 (26 pages) AbstractThis article elucidates a novel and powerful Fourth Coase Theorem using Coase's own reasoning and extending the First Coase Theorem ...
EARLIER this week Ronald Coase, a winner of the economics Nobel and one of the most important economists of the past century, died at 102. This week's Free exchange column looks at his life and ...
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