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Coase theorem and exchangeable rights in non-cooperative games

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  • E. Guzzini

    ()

  • A. Palestrini

    ()

Abstract

In this paper, we consider the Coase theorem in a non cooperative game framework. In particular, we explore the robustness of the Coase theorem with respect to the ?nal distribution of alienable property rights which constitutes, as far as we know, a less cultivated ?eld of research. In our framework, in order to reach e¢ ciency, agents have to stipulate binding contracts. In the analysis, we distinguish between permanent and temporary contracts showing the di¤erent implication of the two kinds of contracts with respect to the ?nal attribution of individual rights. More precisely, we show that, with temporary binding contracts and under particular assumptions, the ?nal attribution if individual rights does not converge.

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File URL: http://hdl.handle.net/10.1007/s10657-010-9178-7
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Bibliographic Info

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

Volume (Year): 33 (2012)
Issue (Month): 1 (February)
Pages: 83-100

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Handle: RePEc:kap:ejlwec:v:33:y:2012:i:1:p:83-100

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

Related research

Keywords: Coase theorem; Binding contracts; Distribution of rights; C7; D6;

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  1. Alex Robson & Stergios Skaperdas, 2005. "Costly Enforcement of Property Rights and the Coase Theorem," ANU Working Papers in Economics and Econometrics 2005-455, Australian National University, College of Business and Economics, School of Economics.
  2. Nabil Al-Najjar, Luca Anderlini & Leonardo Felli, 2003. "Transaction Costs and the Robustness of the Coase Theorem," Working Papers gueconwpa~03-03-28, Georgetown University, Department of Economics.
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  7. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
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  9. Gibbard, Allan, 1974. "A Pareto-consistent libertarian claim," Journal of Economic Theory, Elsevier, vol. 7(4), pages 388-410, April.
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  12. Bezalel Peleg, 1997. "Effectivity functions, game forms, games, and rights," Social Choice and Welfare, Springer, vol. 15(1), pages 67-80.
  13. Bernholz, Peter, 1997. "Property rights, contracts, cyclical social preferences and the Coase theorem: A synthesis," European Journal of Political Economy, Elsevier, vol. 13(3), pages 419-442, September.
  14. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
  15. Sen, Amartya, 1995. "Rationality and Social Choice," American Economic Review, American Economic Association, vol. 85(1), pages 1-24, March.
  16. Bernholz, Peter, 1999. "The generalized Coase Theorem and separable individual preferences: an extension," European Journal of Political Economy, Elsevier, vol. 15(2), pages 331-335, June.
  17. Aivazian, Varouj A & Callen, Jeffrey L, 1981. "The Coase Theorem and the Empty Core," Journal of Law and Economics, University of Chicago Press, vol. 24(1), pages 175-81, April.
  18. Sen, Amartya K, 1976. "Liberty, Unanimity and Rights," Economica, London School of Economics and Political Science, vol. 43(171), pages 217-45, August.
  19. Dixit, Avinash & Olson, Mancur, 2000. "Does voluntary participation undermine the Coase Theorem?," Journal of Public Economics, Elsevier, vol. 76(3), pages 309-335, June.
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