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The Coase Theorem, Private Information, and the Benefits of Not Assigning Property Rights

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  • Patrick Schmitz

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Abstract

Using a simple bilateral trading example with discrete valuations and costs it is demonstrated that in the presence of private information the efficiency of Coasean bargaining may be strictly enhanced if initially no property rights are assigned.

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File URL: http://hdl.handle.net/10.1023/A:1008709628107
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Bibliographic Info

Article provided by Springer in its journal European Journal of Law and Economics.

Volume (Year): 11 (2001)
Issue (Month): 1 (January)
Pages: 23-28

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Handle: RePEc:kap:ejlwec:v:11:y:2001:i:1:p:23-28

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Web page: http://www.springerlink.com/link.asp?id=100264

Related research

Keywords: Property rights; bargaining; private information; Coase theorem;

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References

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  1. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
  2. Illing, Gerhard, 1992. "Private Information as Transaction Costs: The Coase Theorem Revisited," Munich Reprints in Economics 19522, University of Munich, Department of Economics.
  3. Roger B. Myerson & Mark A. Satterthwaite, 1981. "Efficient Mechanisms for Bilateral Trading," Discussion Papers 469S, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
  5. Schmitz, Patrick W., 2002. "Simple contracts, renegotiation under asymmetric information, and the hold-up problem," European Economic Review, Elsevier, vol. 46(1), pages 169-188, January.
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Citations

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Cited by:
  1. Guzzini Enrico & Palestrini Antonio, 2009. "Coase theorem and exchangeable rights in non-cooperative games," wp.comunite 0060, Department of Communication, University of Teramo.
  2. Piacquadio Paolo G. & Di Bartolomeo Giovanni & Acocella Nicola, 2009. "A simple framework for investigating the properties of policy games," wp.comunite 0059, Department of Communication, University of Teramo.
  3. Vasiliki Skreta & Nicolas Figueroa, 2007. "What to Put on the Table," Levine's Bibliography 843644000000000374, UCLA Department of Economics.
  4. Garrouste, Pierre, 2008. "The Handbook of New Institutional Economics, C. Ménard, M.M. Shirley (Eds.), Springer, Dordrecht, The Netherlands. 2005, 884Â +Â xi pp., $199.00, index, ISBN: 10 1-4020-2687-0," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 532-536, August.
  5. Lau, M. W., 2011. "The Economic Structure of Trusts: Towards a Property-based Approach," OUP Catalogue, Oxford University Press, number 9780199602407.

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