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Author : Jonathan A. K. Cave
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (31 download)
Download or read book The Coase Theorem and the Empty Core written by Jonathan A. K. Cave and published by . This book was released on 1981 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Varouj A. Aivazian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Coase Theorem and the Core Revisited written by Varouj A. Aivazian and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper clarifies some of the issues raised by the original Aivazian-Callen-Coase debate concerning the Coase Theorem and the empty core. Despite the misconception by some legal scholars that Coase's limiting argument resolves the empty core issue, it is shown why economic scholars tend to disagree. Furthermore, contrary to Coase's conjecture that the empty core problem disappears in a world of transactions costs, it is shown that transactions costs exacerbate the problem of the empty core. Finally, this paper addresses the Mueller dual externality criticism of the Aivazian-Callen empty core example.
Author : Varouj A. Aivazian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Core, Transaction Costs, and the Coase Theorem written by Varouj A. Aivazian and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper clarifies and synthesizes elements of the two decade old debate concerning the Coase theorem and the empty core. Five lessons can be derived from this debate. First, the Coase theorem may break down when there are more than two participants (provided the additional participants bring an additional externality to the table). Second, the problem of the empty core does not disappear in a world of positive transaction costs. Under reasonable assumptions about the transactions technology, transaction costs may well exacerbate the empty-core problem. As a consequence, it is important to differentiate between transaction costs (when the core exists) and costs due to the empty core because each has different implications for rationalizing institutional arrangements. Third, the Coase theorem will not break down when the number of participants increases if the new participants do not bring additional externalities with them. If, however, additional participants bring in additional externalities, then the core may be empty and Pareto efficiency may not emerge from costless negotiations. Fourth, Pareto Optimality can be achieved when the core is empty by judicious use of penalty clauses, binding contracts, and constraints on the bargaining mechanism. Fifth, when a non-excludable public good is involved, a free-rider problem arises as the number of agents increases, and this undermines the Coase theorem; in this case, Coasean efficiency requires the participation of all agents affected by the externality in the writing of binding contracts.
Author : Irwin Lipnowski
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (184 download)
Download or read book A Re-examination of Coase's Theorem and the Empty Core written by Irwin Lipnowski and published by . This book was released on 1981 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Varouj A. Aivazian
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Experimental Tests of Core Theory and the Coase Theorem written by Varouj A. Aivazian and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine experimentally the bargaining process and the final allocation of payoffs in games that differ in terms of whether or not the core exists and in the initial allocation of property rights among the players. The paper highlights the interaction between property rights, transaction costs and the empty core. Our experimental results indicate that the existence of the core is an important determinant of bargaining generally and the Coase Theorem in particular. They confirm our conjecture that when the core is empty and property rights are ill defined, Coasian efficiency breaks down. Among other results, our experiments show that the number of inefficient (non-Pareto Optimal) agreements and bargaining rounds with cycling are significantly greater when the core is empty than when the core exists, especially when property rights are ill-defined. Our results suggest an economic role for specific property right arrangements to resolve the empty core.
Author : Lester Telser
Publisher : Routledge
ISBN 13 : 1135992193
Total Pages : 390 pages
Book Rating : 4.1/5 (359 download)
Download or read book The Core Theory in Economics written by Lester Telser and published by Routledge. This book was released on 2012-11-12 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important tenet of game theory, core theory has nonetheless been all but ignored by the mainstream. Its basic premise is that individuals band together in order to promote their interests as much as possible. The return to an individual depends on competition among various coalitions for its membership, and a group of people can obtain a joint maximum by suitable coordinated actions. In this key title, Lester Telser investigates the following issues: Markets Multiproduct Industry Total Cost Functions with Avoidable Costs Critical Analyses of Noncooperative Equilibria. Through these distinct sections, Telser skilfully brings the ideas of core theory to bear on a range of issues within economics – with particular emphasis on supply and demand and the way markets function.
Author : Stéphane Gonzalez
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Social Cost Problem, Rights and the (Non)Empty Core written by Stéphane Gonzalez and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The “Coase theorem” is made of the efficiency and the neutrality theses. Using cooperative game theory, we show that these two theses are not compatible: there exist only two types of rights assignments that guarantee a nonempty core. Thus, the efficiency thesis holds - there exist (two types of) rights assignments under which the core of the game is nonempty - but the neutrality thesis does not hold - for all other rights assignments the core is empty. This complements the results found in the literature on Coase and the core. Our paper also adds two more results. Indeed, we add two principles that are not discussed in the literature about the Coase theorem: a democratic principle for rights assignments and a fairness principle for the monetary payoffs distributed to the agents, that we translate into two natural properties for a solution. We show, and this is our second main result, that the nonempty core requirement is not compatible with our democratic and fairness properties. Thus, under democratic and fairness criteria, the efficiency thesis does not hold.
Author : Steven G. Medema
Publisher : Springer Science & Business Media
ISBN 13 : 9401153507
Total Pages : 278 pages
Book Rating : 4.4/5 (11 download)
Download or read book Coasean Economics Law and Economics and the New Institutional Economics written by Steven G. Medema and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Upon hearing that Ronald Coase had been awarded the Nobel Prize, a fellow economist's first response was to ask with whom Coase had shared the Prize. Whether this response was idiosyncratic or not, I do not know; I expect not. Part of this type of reaction can no doubt be explained by the fact that Coase has often been characterized as an economist who wrote only two significant or influential papers: "The Nature of the Firm" (1937) and "The Problem of Social Cost" (1960). And by typical professional standards of "significant" and "influential" (i. e. , widely read and cited), this perception embodies a great deal of truth, even subsequent to Coase's receipt of the Prize. This is not to say that there have not been other important works - "The Marginal Cost Controversy" (1946) and "The Lighthouse in Economics" (1974) come immediately to mind here - only that in a random sample of, say, one hundred economists, one would likely find few who could list a Coase bibliography beyond the two classic pieces noted above, in spite of Coase's significant publication record. ' The purpose of this collection is to assess the development of, tensions within, and prospects for Coasean Economics - those aspects of economic analysis that have evolved out of Coase's path-breaking work. Two major strands of research can be identified here: law and economics and the New Institutional Economics.
Author : Alan Devlin
Publisher : Routledge
ISBN 13 : 1317616480
Total Pages : 398 pages
Book Rating : 4.3/5 (176 download)
Download or read book Fundamental Principles of Law and Economics written by Alan Devlin and published by Routledge. This book was released on 2014-10-17 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook places the relationship between law and economics in its international context, explaining the fundamentals of this increasingly important area of teaching and research in an accessible and straightforward manner. In presenting the subject, Alan Devlin draws on the neoclassical tradition of economic analysis of law while also showcasing cutting- edge developments, such as the rise of behavioural economic theories of law. Key features of this innovative book include: case law, directives, regulations, and statistics from EU, UK, and US jurisdictions are presented clearly and contextualised for law students, showing how law and economics theory can be understood in practice; succinct end- of-chapter summaries highlight the essential points in each chapter to focus student learning; further reading is provided at the end of each chapter to guide independent research. Making use of tables and diagrams throughout to facilitate understanding, this text provides a comprehensive overview of law-and-economics that is ideal for those new to the subject and for use as a course text for law-and-economics modules.
Author : Cento Veljanovski
Publisher : London Publishing Partnership
ISBN 13 : 0255367112
Total Pages : 266 pages
Book Rating : 4.2/5 (553 download)
Download or read book Forever Contemporary: The Economics of Ronald Coase written by Cento Veljanovski and published by London Publishing Partnership. This book was released on 2015-10-26 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ronald Coase is one of the most important economists of the twentieth century. Amongst other great achievements, Coase taught us why firms exist and how we can better understand how to solve environmental problems. He also made a profound contribution to our understanding of the provision of so-called "public goods" and helped join the often distinct intellectual fields of law and economics. Coase coined the phrase "blackboard economics" to describe an approach to economics that involved ignoring what happens in practice and, instead, led the profession to obsess with theory. He once said: 'If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"'There is much that students, teachers, policymakers and regulators can learn from the economics of Ronald Coase, and he will, no doubt, provide a rich seam of material for decades to come. The authors of this short book have taken up the challenge. They apply Coase's ideas to a number of different areas of economics and, in doing so, provide a practical and very readable introduction to a number of topics that have direct relevance for regulation and for public policy.
Author : A. Robson
Publisher : Springer
ISBN 13 : 0230354947
Total Pages : 401 pages
Book Rating : 4.2/5 (33 download)
Download or read book Law and Markets written by A. Robson and published by Springer. This book was released on 2011-12-08 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law and Markets examines the interaction between legal rules, market forces and prices. It emphasises the economic effects of legal rules on individual incentives in both market and non-market settings, and draws on cases and materials from a wide variety of legal jurisdictions to illustrate economic principles.
Author : Dustin N. Sharp
Publisher : Springer Science & Business Media
ISBN 13 : 1461481724
Total Pages : 328 pages
Book Rating : 4.4/5 (614 download)
Download or read book Justice and Economic Violence in Transition written by Dustin N. Sharp and published by Springer Science & Business Media. This book was released on 2013-09-14 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the role of economic violence (violations of economic and social rights, corruption, and plunder of natural resources) within the transitional justice agenda. Because economic violence often leads to conflict, is perpetrated during conflict, and continues afterwards as a legacy of conflict, a greater focus on economic and social rights issues in the transitional justice context is critical. One might add that insofar as transitional justice is increasingly seen as an instrument of peacebuilding rather than a simple political transition, focus on economic violence as the crucial “root cause” is key to preventing re-lapse into conflict. Recent increasing attention to economic issues by academics and truth commissions suggest this may be slowly changing, and that economic and social rights may represent the “next frontier” of transitional justice concerns. There remain difficult questions that have yet to be worked out at the level of theory, policy, and practice. Further scholarship in this regard is both timely, and necessary. This volume therefore presents an opportunity to fill an important gap. The project will bring together new papers by recognized and emerging scholars and policy experts in the field.
Author : Irwin Lester Morris
Publisher : Stanford University Press
ISBN 13 : 9780804745840
Total Pages : 260 pages
Book Rating : 4.7/5 (458 download)
Download or read book Politics from Anarchy to Democracy written by Irwin Lester Morris and published by Stanford University Press. This book was released on 2004 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the study of politics dates to ancient Greece, the basic questions that interested those earliest political scientists still linger with us today: What are the origins of government? What should government do? What conditions foster effective governance? Rational choice theory offers a new means for developing correctable answers to these questions. This volume illustrates the promise of rational choice theory and demonstrates how theory can help us develop interesting, fresh conclusions about the fundamental processes of politics. Each of the books three sections begins with a pedagogical overview that is accessible to those with little knowledge of rational choice theory. The first group of essays then discusses various ways in which rational choice contributes to our understanding of the foundations of government. The second set focuses on the contributions of rational choice theory to institutional analysis. The final group demonstrates ways in which rational choice theory helps to understand the character of popular government.
Author : Altug Yalcintas
Publisher : Routledge
ISBN 13 : 1317704681
Total Pages : 206 pages
Book Rating : 4.3/5 (177 download)
Download or read book Intellectual Path Dependence in Economics written by Altug Yalcintas and published by Routledge. This book was released on 2016-03-10 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? Intellectual Path Dependence in Economics argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A key question which often gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics.
Author : Roger A McCain
Publisher : Edward Elgar Publishing
ISBN 13 : 1782546421
Total Pages : 244 pages
Book Rating : 4.7/5 (825 download)
Download or read book Reframing Economics written by Roger A McCain and published by Edward Elgar Publishing. This book was released on 2014-03-28 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objectives of this book are twofold. Firstly, it proposes that economics should be defined as a study of imperfect cooperation. Secondly, it elucidates the continuities that extend from classical political economy through the neoclassical, Keynesia
Author : Gideon Doron
Publisher : SAGE
ISBN 13 : 1446234312
Total Pages : 194 pages
Book Rating : 4.4/5 (462 download)
Download or read book Political Bargaining written by Gideon Doron and published by SAGE. This book was released on 2001-03-27 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings an exciting and innovative new approach to the study of politics today. It introduces political bargaining, a process at the heart of all political and economic exchanges in contemporary society and the very essence of politics itself, to provide a new framework and fresh insights to modern political science. The authors trace the prevalence of bargaining processes in politics from the abstract level of individual human interaction and the `state of nature′ to the more concrete political or institutionalized level. They introduce students to theory -- the basic models of game theory, rational choice theory and positivist approaches; practice -- the practical manifestations of political bargaining in everyday national and international political life; and process -- its setting, the interests of the players involved, the conditions and properties that affect their calculations and, consequently, their ability to obtain desired outcomes. Political Bargaining provides students with the basic tools for learning about and participating in politics today by richly illustrating how the authoritative allocation of scarce resources is arrived at through a complex bargaining process between competing interests in society. It will be essential reading for student and lecturer alike across political science and the social sciences more widely.
Author : Itai Sened
Publisher : Cambridge University Press
ISBN 13 : 9780521572477
Total Pages : 230 pages
Book Rating : 4.5/5 (724 download)
Download or read book The Political Institution of Private Property written by Itai Sened and published by Cambridge University Press. This book was released on 1997-07-24 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Itai Sened examines the political institution of property and other individual rights. His argument is that the foundation of such rights is to be found in the political and economic institutions which grant and enforce them and not in any set of moral principles or 'nature'. The book further argues that individual rights are instituted through a political process, and not by any hidden market forces. The origin of rights is placed in a social contract that evolves as a political process in which governments grant and protect property and other individual rights to constituents, in return for economic and political support. Extending neo-institutional theory to the subject, and using a positive game theoretic approach in its analysis, this book is an original contribution to scholarship on the evolution of rights.
