The Coase Theorem Volume I

Transcription

1 The Coase Theorem Volume I Origins, Restatements and Extensions Edited by Richard A. Posner Judge, United States Court of Appeals for the Seventh Circuit and Senior Lecturer, University of Chicago Law School, USA and Francesco Parisi Oppenheimer Wolff and Donnelly Professor of Law University of Minnesota Law School, USA and Professor of Economics University of Bologna, Italy ECONOMIC APPROACHES TO LAW An Elgar Research Collection Cheltenham, UK Northampton, MA, USA

2 Contents Acknowledgements Introduction Francesco Parisi and Richard A. Posner Vll ix PART I PART II PART III THE SOURCES 1. R.H. Coase (1959), 'The Federal Communications Commission', Journal of Law and Economics, 2, October, R.H. Coase (1960), 'The Problem of Social Cost', Journal of Law and Economics, 3, October, R.H. Coase (1988), 'Notes on the Problem of Social Cost', in The Firm, the Market, and the Law, Chapter 6, Chicago, IL: University of Chicago Press, THE POSITIVE RESTATEMENTS 4. Harold Demsetz (1964), 'The Exchange and Enforcement of Property Rights', Journal of Law and Economics, 7, October, George j. Stigler (1966), 'Costs and Production', in The Theory of Price, 3 rd Edition, Chapter 6, New York, NY: Macmillan Company, George J. Stigler (1989) 'Two Notes on the Coase Theorem', Yale Law Journal, 99 (3), December, Richard A. Posner (2011), '3.6 Incompatible Uses' from Chapter 3 'Property' in Economic Analysis of Law 8,h Edition, Austin, TX: Wolters Kluwer Law and Business, THE NORMATIVE COROLLARIES 8. Guido Calabresi and A. Douglas Melamed (1972), 'Property Rules, Liability Rules, and Inalienability: One View of the Cathedral', Harvard Law Review, 85 (6), April, Ian Ayres and Eric Talley (1995), 'Solomonic Bargaining: Dividing a Legal Entitlement to Facilitate Coasean Trade', Yale Law Journal, 104 (5), March, Louis Kaplow and Steven Shavell (1996), 'Property Rules Versus Liability Rules: An Economic Analysis', Harvard Law Review, 109 (4), February, Barbara Luppi and Francesco Parisi (2011), 'Toward an Asymmetric Coase Theorem', European Journal of Law and Economics, 31 (1), February,

3 vi PART IV PART V The Couse Theorem I COASE THEOREM AND COASEANISM 12. Robert C. Ellickson (1989), 'The Case for Coase and Against "Coaseanism"', Yale Law Journal, 99 (3), December, E. Ray Canterbery and A. Marvasti (1992), 'The Coase Theorem as a Negative Externality', Journal of Economic Issues, 26 (4), December, Daniel A. Farber (1997), 'Parody Lost/Pragmatism Regained: The Ironic History of the Coase Theorem', Virginia Law Review, 83 (2), March, Deirdre McCloskey (1998), 'The So-Called Coase Theorem', Eastern Economic Journal, 24 (3), Summer, Edward Glaeser, Simon Johnson and Andrei Shleifer (2001), 'Coase Versus the Coasians', Quarterly Journal of Economics, 116 (3), August, Steven G. Medema (1994), 'The Myth of Two Coases: What Coase is Really Saying', Journal of Economic Issues, 28 (1), March, THE INTELLECTUAL LEGACY 18. Richard A. Posner (1993), 'Nobel Laureate: Ronald Coase and Methodology', Journal of Economic Perspectives, 1 (4), Autumn, Richard A. Epstein (1993), 'Holdouts, Externalities, and the Single Owner: One More Salute to Ronald Coase', Journal of Law and Economics, 36 (1), April, Guido Calabresi (1991), 'The Pointlessness of Pareto: Carrying Coase Further', Yale Law Journal, 100 (5), March, Stewart Schwab (1989), 'Coase Defends Coase: Why Lawyers Listen and Economists Do Not', Michigan Law Review, 87 (6), May, Fred R. Shapiro (1996), 'Most-Cited Law Review Articles Revisited', Chicago-Kent Law Review, 71 (3), R.H. Coase (1996), 'The Problem of Social Cost: The Citations', Chicago-Kent Law Review, 71 (3),

4 The Coase Theorem Volume II Criticisms and Applications Edited by Richard A. Posner Judge, United States Court of Appeals for the Seventh Circuit and Senior Lecturer, University of Chicago Law School, USA and Francesco Parisi Oppenheimer Wolff and Donnelly Professor of Law University of Minnesota Law School, USA and Professor of Economics University of Bologna, Italy ECONOMIC APPROACHES TO LAW An Elgar Research Collection Cheltenham, UK Northampton, MA, USA &

5 Contents Acknowledgements An Introduction by editors to both volumes appears in Volume I ix PARTI PART II PART III SURVEYS AND APPLICATIONS 1. A. Mitchell Polinsky (2011), The Coase Theorem', 'First Application-Nuisance Law', 'Second Application-Breach of Contract' and 'Third Application-Automobile Accidents', in An Introduction to Law and Economics, Chapter 3, Chapter 4, Chapter 5 and Chapter 6, 4 lh Edition, New York, NY: Wolters Kluwer Law, 13-16, 17-27, and James Halteman (2005), 'Externalities and the Coase Theorem: A Diagrammatic Presentation', Journal of Economic Education, 36 (4), Fall, Robert D. Cooter (1987), 'Coase Theorem', in John Eatwell, Murray Milgate and Peter Newman (eds) The New Palgrave: A Dictionary of Economics, Volume /, London, UK: Macmillan, Francesco Parisi (2008), 'Coase Theorem', in Lawrence E. Blume and Steven N. Durlauf (eds), The New Palgrave: A Dictionary of Economics, Volume /, 2 nd Edition, London, UK: Macmillan, COASEAN BARGAINING IN THE SHADOW OF THE LAW 5. Robert C. Ellickson (1986), 'Of Coase and Cattle: Dispute Resolution Among Neighbors in Shasta County', Stanford Law Review, 38 (3), February, Kenneth R. Vogel (1987), 'The Coase Theorem and California Animal Trespass LawJournal of Legcd Studies, 16 (1), January, Timothy R. Hylan, Maureen J. Lage and Michael Treglia (1996), 'The Coase Theorem, Free Agency, and Major League Baseball: A Panel Study of Pitcher Mobility from 1961 to 1992', Southern Economic Journal, 62 (4), April, COASE THEOREM AND THE CONSTITUTION 8. James M. Buchanan (1973), 'The Coase Theorem and the Theory of the State', Natural Resources Journal, 13, J. Gregory Sidak (1991), 'The Inverse Coase Theorem and Declarations of War', Duke Law Journal, 41 (2), November,

6 VI The Coase Theorem II PART IV PART V PART VI COASE THEOREM AND POLITICAL MARKETS 10. Varouj A. Aivazian, Jeffrey L. Callen and Irwin Lipnowski (1987), 'The Coase Theorem and Coalitional Stability', Economica, 54 (216), November, Peter Bernholz (1997), 'Property Rights, Contracts, Cyclical Social Preferences and the Coase Theorem: A Synthesis', European Journal of Political Economy, 13 (3), September, 419^ Peter Bernholz (1999), 'The Generalized Coase Theorem and Separable Individual Preferences: An Extension', European Journal of Political Economy, 15 (2), June, Francesco Parisi (2003), 'Political Coase Theorem', Public Choice, 115 (1/2), April, DOES LIABILITY MATTER? COASE THEOREM IN THE LONG-RUN 14. Stanislaw Wellisz (1964), 'On External Diseconomies and the Government-Assisted Invisible Hand ', Economica New Series, 31 (124), November, G. Warren Nutter (1968), 'The Coase Theorem on Social Cost: A Footnote', Journal of Law and Economics, 11 (2), October, Guido Calabresi (1968), 'Transaction Costs, Resource Allocation and Liability Rules - A Comment', Journal of Law and Economics, 11 (1), April, Harold Demsetz (1972), 'When Does the Rule of Liability Matter?', Journal of Legal Studies, 1 (1), January, Donald H. Regan (1972), 'The Problem of Social Cost Revisited', Journal of Law and Economics, 15 (2), October, William Schulze and Ralph C. D'Arge (1974), 'The Coase Proposition, Information Constraints and Long-Run Equilibrium', American Economic Review, 64 (4), September, OTHER THEORETICAL CRITIQUES 20. Paul Samuelson (1995), 'Some Uneasiness with the Coase Theorem ', Japan and the World Economy, 7(1), May, Robert Cooter (1982), 'The Cost of Coase', Journal of Legal Studies, 11 (1), January, Avinash Dixit and Mancur Olson (2000), 'Does Voluntary, Participation Undermine the Coase Theorem?', Journal of Public Economics, 76 (3), June, Luca Anderlini and Leonardo Felli (2006), 'Transaction Costs and the Robustness of the Coase Theorem', Economic Journal, 116 (508), January, Ken-Ichi Inada and Kiyoshi Kuga (1973), 'Limitations of the "Coase Theorem" on Liability Rules', Journal of Economic Theory, 6 (6), December,

7 The Coase Theorem II vii 25. Varouj A. Aivazian and Jeffrey L. Callen (1981), The Coase Theorem and the Empty Core', Journal of Law and Economics, 24(1), April, A.W. Brian Simpson (1996), '"Coase v. Pigou" Reexamined', Journal of Legal Studies, 25 (1), January, PART VII EXPERIMENTAL TESTS OF THE COASE THEOREM 27. Elizabeth Hoffman and Matthew L. Spitzer (1982), The Coase Theorem: Some Experimental Tests', Journal of Law and Economics, 25 (1), April, Glenn W. Harrison and Michael McKee (1985), 'Experimental Evaluation of the Coase Theorem', Journal of Law and Economics, 28 (3), October, Elizabeth Hoffman and Matthew L. Spitzer (1986), 'Experimental Tests of the Coase Theorem with Large Bargaining Groups', Journal of Legal Studies, 15 (1), January, Glenn W. Harrison, Elizabeth Hoffman, E.E. Rutstrom and Matthew L. Spitzer (1987), 'Coasian Solutions to the Externality Problem in Experimental Markets', Economic Journal, 97 (386), June, Daniel Kahneman, Jack L. Knetsch and Richard H. Thaler (1990), 'Experimental Tests of the Endowment Effect and the Coase Theorem', Journal of Political Economy, 98 (6), December, ' Varouj A. Aivazian, Jeffrey L. Callen and Susan McCracken (2009), 'Experimental Tests of Core Theory and the Coase Theorem: Inefficiency and Cycling', Journal of Law and Economics, 52 (4), November,