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The Pure Economics of the Coase Theorem

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Author Info
Allan C. DeSerpa (Arizona State University)
Abstract

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

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File URL: http://college.holycross.edu/eej/Volume18/V18N3P287_304.pdf
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Publisher Info
Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 18 (1992)
Issue (Month): 3 (Summer)
Pages: 287-304
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Handle: RePEc:eej:eeconj:v:18:y:1992:i:3:p:287-304

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Related research
Keywords: Production Function; Production;

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Hamilton, Jonathan H & Sheshinski, Eytan & Slutsky, Steven M, 1989. "Production Externalities and Long-run Equilibria: Bargaining and Pigovian Taxation," Economic Inquiry, Oxford University Press, vol. 27(3), pages 453-71, July.
  2. Starrett, David A., 1972. "Fundamental nonconvexities in the theory of externalities," Journal of Economic Theory, Elsevier, vol. 4(2), pages 180-199, April. [Downloadable!] (restricted)
  3. Frech, H E, III, 1979. "The Extended Coase Theorem and Long Run Equilibrium: The Nonequivalence of Liability Rules and Property Rights," Economic Inquiry, Oxford University Press, vol. 17(2), pages 254-68, April.
  4. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542. [Downloadable!]
  5. Richard A. Tybout, 1972. "Pricing Pollution and Other Negative Externalities," Bell Journal of Economics, The RAND Corporation, vol. 3(1), pages 252-266, Spring. [Downloadable!] (restricted)
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