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Symposium on the Coase Theorem: Legal Fiction: The Place of the Coase Theorem in Law and Economics

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  • Medema, Steven G.

Abstract

Modern law and economics received much of its impetus from Ronald Coase's analysis in ‘The Problem of Social Cost,’ and a goodly amount of that comes from the Coase theorem, which states that, absent transaction costs, externalities will be efficiently resolved through bargaining. The fact that the analysis that came to be codified in the Coase theorem was (intentionally) an exercise in pure fiction on Coase's part did not deter the erection of a substantial edifice of positive and normative analysis on this foundation, nor, for that matter, has subsequent elaboration of Coase's intent done anything to abate the interest in the theorem and its implications.

Suggested Citation

  • Medema, Steven G., 1999. "Symposium on the Coase Theorem: Legal Fiction: The Place of the Coase Theorem in Law and Economics," Economics and Philosophy, Cambridge University Press, vol. 15(2), pages 209-233, October.
    • Handle: RePEc:cup:ecnphi:v:15:y:1999:i:02:p:209-233_00
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    Citations

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    Cited by:

    1. Elodie Bertrand, 2019. "Much ado about nothing? The controversy over the validity of the Coase theorem," Post-Print hal-03479468, HAL.
    2. Elodie Bertrand, 2010. "The three roles of the 'Coase theorem' in Coase's works," Post-Print hal-02409115, HAL.
    3. Jung-kyun Moon & Seon-bong Yoo & Hong-gyoo Sohn & Yonng-sun Cho, 2021. "Conflicting Maps: How Legal Perspectives Could Minimize Zoning Cancellation in Republic of Korea," Land, MDPI, vol. 10(3), pages 1-21, March.
    4. Élodie Bertrand, 2006. "La thèse d'efficience du « théorème de Coase ». Quelle critique de la microéconomie ?," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 983-1007.
    5. Yalcintas, Altug, 2010. "The ‘Coase Theorem’ vs. Coase theorem proper: How an error emerged and why it remained uncorrected so long," MPRA Paper 37936, University Library of Munich, Germany.
    6. Antonio Nicita, 2014. "The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(2), pages 93-108, June.
    7. Patrick Schmitz, 2001. "The Coase Theorem, Private Information, and the Benefits of Not Assigning Property Rights," European Journal of Law and Economics, Springer, vol. 11(1), pages 23-28, January.
    8. Élodie Bertrand & Christophe Destais, 2002. "Le « théorème de Coase », une réflexion sur les fondements microéconomiques de l'intervention publique," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(2), pages 111-124.
    9. George Halkos & Nicholas Kyriazis, 2003. "Property Rights and Game-Theory Implications of Satellite Communications: The Bilateral Case of Greece and Russia," European Journal of Law and Economics, Springer, vol. 15(3), pages 233-250, May.
    10. Christian Schubert, 2006. "Fairness in Urban Land Use: An Evolutionary Contribution to Law & Economics," Papers on Economics and Evolution 2005-22, Philipps University Marburg, Department of Geography.
    11. Altug Yalcintas, 2013. "The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1131-1157, November.
    12. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    13. Steven Medema, 2011. "A case of mistaken identity: George Stigler, “The Problem of Social Cost,” and the Coase theorem," European Journal of Law and Economics, Springer, vol. 31(1), pages 11-38, February.
    14. Steven G. Medema, 2010. "Ronald Harry Coase," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 2, Edward Elgar Publishing.

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