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Farmer Brown v. Rancher Wyatt: Teaching the Coase Theorem

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  • Patrick Gourley

Abstract

The Coase Theorem is a fundamental tenet of environmental economics and is taught to thousands of principles of microeconomics students each year. Its counterintuitive conclusion, that a Pareto optimal solution can result between private parties regardless of the initial allocation of property rights over a scarce resource, is difficult for students to understand. By using a mock trial that centers on a property dispute, students can be taught how the Coase Theorem works in practice with minimal preparation. The strong assumptions on which the Coase Theorem relies also can be included to show why the theorem may not hold. By using a unique, active learning technique, students will be more engaged and may have a better understanding of a difficult but seminal theory of economics.

Suggested Citation

  • Patrick Gourley, 2018. "Farmer Brown v. Rancher Wyatt: Teaching the Coase Theorem," The Journal of Economic Education, Taylor & Francis Journals, vol. 49(2), pages 194-199, April.
    • Handle: RePEc:taf:jeduce:v:49:y:2018:i:2:p:194-199
    DOI: 10.1080/00220485.2018.1438864
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    Cited by:

    1. Stefano Carattini & Eli P. Fenichel & Alexander Gordan & Patrick Gourley, 2020. "For want of a chair: Teaching price formation using a cap and trade game," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(1), pages 52-66, January.
    2. Depro, Brooks, 2022. "Making introductory economics more relevant: Using personalized connections to introduce environmental economics," International Review of Economics Education, Elsevier, vol. 39(C).

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