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Costly Coasean Bargaining and Property Right Security

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  • Todd Cherry

    ()

  • Jason Shogren

Abstract

This paper examines how transaction costs affect Coasean bargaining with secure and insecure property rights in the lab. Consistent with the theory that secure property rights lowers the cost of non-cooperation, we find that bargaining efficiency is inversely related to property right security. Less secure property rights increased economic efficiency twofold. Property owners with secure rights are more likely to opt for their riskless outside option rather than pay the costs of bargaining. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s10640-005-1377-2
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 31 (2005)
Issue (Month): 3 (07)
Pages: 349-367

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Handle: RePEc:kap:enreec:v:31:y:2005:i:3:p:349-367

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: bargaining; Coase theorem; property rights; valuation; C9; Q0;

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Cited by:
  1. Tyler Prante & Robert P. Berrens & Jennifer A. Thacher, 2007. "Evaluating coasean bargaining experiments with meta-analysis," Economics Bulletin, AccessEcon, vol. 3(68), pages 1-7.
  2. repec:ebl:ecbull:v:3:y:2007:i:68:p:1-7 is not listed on IDEAS

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