SOME UNEASINESS WITH THE COASE THEOREM

被引:25
作者
SAMUELSON, P
机构
[1] Department of Economics, MIT, E52-383-C Cambridge
关键词
COASE THEOREM; OPTIMALITY;
D O I
10.1016/0922-1425(94)00040-Z
中图分类号
F [经济];
学科分类号
02 [经济学];
摘要
Allocation of property rights - and how they are to be defined - has important economic implications. Only in certain Santa Claus situations - constant returns to scale, infinite divisibility, free entry, dispersed ownership of each grade of factor, shared knowledge, complete markets - only then will Smithian self-interest be compelled to achieve Pareto-Optimality, To try to capture all that which contributes to deadweight loss under the verbal rubric of ''transactions costs'' weakens a useful concept without gaining understanding of incompleteness of markets, asymmetries of information, and insusceptibilities of various technologies to decentralized pricing algorithms.
引用
收藏
页码:1 / 7
页数:7
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