Coase, Competitions, and Compensation
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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- Groves, Theodore, 1979. "Efficient Collective Choice when Compensation is Possible," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 227-41, April.
- Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, June.
- Schweizer,Urs, 1989. "Calculus of consent: A game-theoretic perspective," Discussion Paper Serie A 234, University of Bonn, Germany.
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