Some Reflections on Externalities, Coase Theorem and the Endogenous Determination of Property Rights

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Abstract

The paper analyses how an incomplete contract for allocation of property rights can be agreed upon in state-of-nature and shows that such contractual agreement has the essential feature of a borrower-lender relationship, since it inherently entails an 'intertemporal' act of exchange
Original languageEnglish
Pages (from-to)309-326
Number of pages18
JournalMetroeconomica
Publication statusPublished - 1992

Keywords

  • Externalities
  • Property Rights

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