Lei Cao
Abstract
This paper, based upon Coase Logic, by studying the same case as Ronald Coase used, verifies that there exists a Coase Trap in Coase Theorem, thus formulating a criticism of theory of transaction costs and other major issues in economics.
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This paper, based upon Coase Logic, by studying the same case as Ronald Coase used, verifies that there exists a Coase Trap in Coase Theorem, thus formulating a criticism of theory of transaction costs and other major issues in economics.
Key concepts: Coase theorem, Economics, Transaction cost, Criticism, Neoclassical economics, Trap (plumbing), Database transaction, Mathematical economics