AERE/EAERE World Meeting 1998
نویسنده
چکیده
Farrell’s comparison of Coasean bargaining under incomplete information with second-best centralized regulation is reconsidered by introducing unsure property rights. Rights are unsure, because environmental law is typically incomplete, meaning that the outcome of taking action against environmental regulation is unsure ex ante. I will explore the efficiency implications of a standing to sue for externality victims, whose extent largely differs between countries. Emerging bargaining incentives will be analysed in a Rubinstein bargaining game, where the environmental damage is private information of the affected party. The ambiguous result derived by Farrell is at least shifted in favor of decentralized bargaining; for some parameter values, private bargaining will unambiguously be welfare-improving, independent of the type distribution. keyword: environmental bargaining JEL: C78, D78, K 32.
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