Solum’s Outline of the Coase Theorem
Published by Hanno Kaiser September 5th, 2005 in Law and EconomicsHere is a very brief, highly readable explanation of the critical insight underlying the Coase theorem, courtesy of Larry Solum.
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Isn’t that explanation invalid on its own terms? In scenario B, where the plaintiff has to pay for externalities, he also must pay an inducement fee (one dollar, in this example). Isn’t that less “efficient” than scenario A, where the accused has to pay?