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Coase, Competitions, and Compensation

Author

Listed:
  • Varian, H.R.

Abstract

I show that the Pigovian solution to a simple externalities problem and a particular Coasian solution can be viewed as competitive equilibria from different initial endowments. I also describe the ``compensation mechanism,'' a mechanism that implements either the Coasian or Pigovian solution as the outcome of an economically natural bargaining game.
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Suggested Citation

  • Varian, H.R., 1993. "Coase, Competitions, and Compensation," Papers 93-15, Michigan - Center for Research on Economic & Social Theory.
    • Handle: RePEc:fth:michet:93-15
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    Cited by:

    1. is not listed on IDEAS
    2. Élodie Bertrand, 2006. "La thèse d'efficience du « théorème de Coase ». Quelle critique de la microéconomie ?," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 983-1007.
    3. Gregory Connor & Brian O’Kelly, 2012. "A Coasean Approach to Bank Resolution Policy in the Eurozone," FMG Special Papers sp214, Financial Markets Group.
    4. Charness, Gary & Frechette, Guillaume R. & Qin, Cheng-Zhong, 2007. "Endogenous transfers in the Prisoner's Dilemma game: An experimental test of cooperation and coordination," Games and Economic Behavior, Elsevier, vol. 60(2), pages 287-306, August.
    5. Murty, Sushama, 2010. "Externalities and fundamental nonconvexities: A reconciliation of approaches to general equilibrium externality modeling and implications for decentralization," Journal of Economic Theory, Elsevier, vol. 145(1), pages 331-353, January.
    6. Azadeh Ahmadi & Mohammad Karamouz & Ali Moridi, 2010. "Robust Methods for Identifying Optimal Reservoir Operation Strategies Using Deterministic and Stochastic Formulations," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 24(11), pages 2527-2552, September.
    7. Lee, Sang-Ho, 1996. "An optional permit system for global pollution control," Economics Letters, Elsevier, vol. 50(1), pages 79-84, January.

    More about this item

    Keywords

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    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D2 - Microeconomics - - Production and Organizations
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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