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Generalized Coase Theorem

Author

Listed:
  • Jiří Hlaváček
  • Michal Hlaváček

Abstract

In this article two original microeconomic models of an externality market are described: (1) model of optimal financial compensation of a damage caused by a negative externality in the economy with agents maximizing probability of their survival (generalized Coase Theorem) and (2) generalized model of optimal fi nancial favour for agents provided a positive externality. Results of the models are compared with the outcomes of the standard microeconomics of subjects maximizing their own profit.

Suggested Citation

  • Jiří Hlaváček & Michal Hlaváček, 2011. "Generalized Coase Theorem," Prague Economic Papers, University of Economics, Prague, vol. 2011(4), pages 329-347.
  • Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:403:p:329-347
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    References listed on IDEAS

    as
    1. Warren J. Samuels & Steven G. Medema & A. A. Schmid, 1997. "The Economy as a Process of Valuation," Books, Edward Elgar Publishing, number 1088.
    2. Shogren, Jason F., 1992. "An experiment on Coasian bargaining over ex ante lotteries and ex post rewards," Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 153-169, January.
    3. Cooper, Richard N., 1995. "The Coase Theorem and international economic relations," Japan and the World Economy, Elsevier, vol. 7(1), pages 29-44, May.
    4. Graff Zivin, Joshua & Small, Arthur A., 2003. "Risk sharing in Coasean contracts," Journal of Environmental Economics and Management, Elsevier, vol. 45(2, Supple), pages 394-415, March.
    5. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
    6. Bernholz, Peter, 1999. "The generalized Coase Theorem and separable individual preferences: an extension," European Journal of Political Economy, Elsevier, vol. 15(2), pages 331-335, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    negative externalities; marketable permits for exhalations; generalized Coase Theorem; maximizing of the probability of economic survival; positive externalities;

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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