Coase and the departure from property
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- dc.contributor.author Arruñada, Benitoca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:50Z
- dc.date.available 2017-07-26T10:50:50Z
- dc.date.issued 2016-01-01
- dc.date.modified 2017-07-23T02:17:20Z
- dc.description.abstract In "The Problem of Social Cost", Coase (1960) used a simplified conception of property rights as the outcome of mere contracting in independent exchanges. This conception has been suitable for successfully analyzing many important issues, including that of externalities related to the use of assets and public goods. However, its implicit assumption that exchange in property rights does not affect future transaction costs provides an inadequate basis for understanding property institutions and has caused confusion on the efficacy of private ordering and the role of the state and legal institutions. It has thus limited the scope of most of the economics of so-called property rights to analyses of political interactions and contract rights in personal exchanges. In the real world, property is defined by interaction between multiple exchanges which cause exchange-related non-contractible externalities among market participants. When such exchange-related externalities are considered, property becomes inherently linked to public and legal interventions, which are indispensable to reach true property that is, in rem enforcement and truly impersonal asset-based exchange.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1507
- dc.identifier.citation Claude Ménard and Elodie Bertrand (eds.), The Elgar Companion to Ronald H. Coase, Edward Elgar Publisher, Cheltenham UK, 305-19, 2016.
- dc.identifier.uri http://hdl.handle.net/10230/26832
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1507
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword property rights
- dc.subject.keyword externalities
- dc.subject.keyword enforcement
- dc.subject.keyword transaction costs
- dc.subject.keyword public ordering
- dc.subject.keyword private ordering
- dc.subject.keyword impersonal exchange.
- dc.subject.keyword Business Economics and Industrial Organization
- dc.title Coase and the departure from propertyca
- dc.type info:eu-repo/semantics/workingPaper