Yoram Barzel, Douglas W. Allen
Abstract
Transaction costs are the costs of strengthening a given distribution of economic property rights. When these costs are positive, economic property rights are never perfect and the Coase Theorem does not hold. Furthermore, different distributions of these property rights lead to different levels of joint wealth.
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Transaction costs are the costs of strengthening a given distribution of economic property rights. When these costs are positive, economic property rights are never perfect and the Coase Theorem does not hold. Furthermore, different distributions of these property rights lead to different levels of joint wealth.
Key concepts: Coase theorem, Transaction cost, Property rights, Property (philosophy), Distribution (mathematics), Database transaction, Microeconomics, Economics