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On a Fallacy in the Coase Theorem and the Theorem of Transaction Costs Substitution

Author

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  • Cheung Steven N. S.

    (University of Hong Kong, Pok Fu Lam, Hong Kong)

Abstract

This paper first presents a historical account of the origin of the Coase Theorem. It then elaborates its significance in explaining the working of economic institutions. After expounding the concepts of transaction cost and rent dissipation, it points out an error in the Coase Theorem. Lastly, the paper propounds the Theorem of Transaction Costs Substitution as an extended and general version of the Coase Theorem.

Suggested Citation

  • Cheung Steven N. S., 2020. "On a Fallacy in the Coase Theorem and the Theorem of Transaction Costs Substitution," Man and the Economy, De Gruyter, vol. 7(2), pages 1-11, December.
    • Handle: RePEc:bpj:maneco:v:7:y:2020:i:2:p:11:n:1
    DOI: 10.1515/me-2020-0013
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    Cited by:

    1. Chen, Yi-Chieh & Dy, Kenneth Bicol & Chang, Ching-Cheng & Hsu, Shih-Hsun, 2024. "Property rights arrangement and stakeholder networks hindering floating photovoltaics: A case of private open-access ponds in Taiwan," Energy Policy, Elsevier, vol. 184(C).

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