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The Coase Theorem

In: Law and Markets

Author

Listed:
  • Alex Robson

    (University of Wollongong)

Abstract

When do legal rules matter for efficiency? This chapter presents and discusses the Coase Theorem (1960), which is one of the most important and remarkable findings in economics. The theorem states that under certain conditions legal rules will have no bearing on the economic efficiency of resource allocation. As long as there is some legal rule in place, then an efficient outcome will ensue.

Suggested Citation

  • Alex Robson, 2012. "The Coase Theorem," Palgrave Macmillan Books, in: Law and Markets, chapter 3, pages 49-88, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-35494-4_3
    DOI: 10.1057/9780230354944_3
    as

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