On the Equivalence and Non-Equivalence of James Buchanan and Ronald Coase
The veil of uncertainty as an analytical device has been adopted by Buchanan in his works, and this paper argues that the Coase Theorem can be represented by the analytical device of a single owner-wealth maximization apparatus. On the surface, these two analytical devices are unrelated, but the analysis in this paper shows that under certain conditions Buchanan's and Coase's analytical devices are in fact equivalent! In addition, the implications as well as the potential limits of these two analytical devices are illustrated.
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Volume (Year): 156 (2000)
Issue (Month): 4 (December)
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