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

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Author Info
Schmitz, Patrick W.

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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://mpra.ub.uni-muenchen.de/6929/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6929.

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Date of creation: 2001
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Publication status: Published in European Journal of Law and Economics 1.11(2001): pp. 23-28
Handle: RePEc:pra:mprapa:6929

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Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
K1 - Law and Economics - - Basic Areas of Law

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  1. Myerson, Roger B. & Satterthwaite, Mark A., 1983. "Efficient mechanisms for bilateral trading," Journal of Economic Theory, Elsevier, vol. 29(2), pages 265-281, April. [Downloadable!] (restricted)
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  2. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June. [Downloadable!] (restricted)
  3. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
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