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Coasean Bargaining Games with Stochastic Stock Externalities

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  • Hennlock, Magnus

    ()
    (Department of Economics, School of Business, Economics and Law, Göteborg University)

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    Abstract

    The recent approach ‘subgame consistency’ in cooperative stochastic differential games by Yeung and Petrosjan (2006) and Yeung and Petrosjan (2004) is applied to the classical Coase theorem in the presence of stochastic stock externalities. The dynamic Coasean bargaining solution is identified involving a negotiated plan of externality trade over time as well as subgame consistent Coasean liability payments flow under different assignments of property rights. The agent with the right to determine the externality has the advantage to choose his own private equilibrium as the initial condition in the dynamic system of the Coasean bargaining solution. The dynamic Coasean bargaining solution is formulated followed by an illustration showing an analytical tractable solution.

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    File URL: http://hdl.handle.net/2077/2688
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    Bibliographic Info

    Paper provided by University of Gothenburg, Department of Economics in its series Working Papers in Economics with number 229.

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    Length: 24 pages
    Date of creation: 26 Sep 2006
    Date of revision:
    Handle: RePEc:hhs:gunwpe:0229

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    Postal: Department of Economics, School of Business, Economics and Law, University of Gothenburg, Box 640, SE 405 30 GÖTEBORG, Sweden
    Phone: 031-773 10 00
    Web page: http://www.handels.gu.se/econ/
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    Related research

    Keywords: dynamic cooperative games; cooperative stochastic differential games; dynamic stability; Coase theorem;

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    1. Hoffman, Elizabeth & Spitzer, Matthew L, 1982. "The Coase Theorem: Some Experimental Tests," Journal of Law and Economics, University of Chicago Press, vol. 25(1), pages 73-98, April.
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