The Coase Theorem, Private Information, and the Benefits of Not Assigning Property Rights |
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| Authors: | Patrick W Schmitz |
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| Institution: | (1) Department of Law and Economics, Wirtschaftspolitische Abteilung, University of Bonn, Adenauerallee 24-42, D-53113 Bonn, Germany |
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| Abstract: | Using a simple bilateral trading example with discrete valuations and costs it is demonstrated that in the presence of private information the efficiency of Coasean bargaining may be strictly enhanced if initially no property rights are assigned. |
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| Keywords: | Property rights bargaining private information Coase theorem |
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