Transaction Costs and the Robustness of the Coase Theorem*
نویسندگان
چکیده
This paper explores the extent to which ex ante transaction costs may lead to failures of the Coase Theorem. In particular we identify the basic hold-up problem that arises whenever the parties to a Coasian negotiation have to pay ex ante costs for the negotiation to take place. We then show that a Coasian solution to this problem is not available: a Coasian solution typically entails a negotiation about the payment of the costs associated with the future negotiation, which in turn is associated with a fresh set of ex ante costs, and hence a new hold-up problem.
منابع مشابه
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