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Keyword: coase theorem;

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Theoretical Economics Paper

Transaction Costs and the Robustness of the Coase Theorem

Luca Anderlini and Leonardo Felli

This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic 'hold-up problem' which arises whenever the...Read more...

February 2001

Theoretical Economics Paper

Costly Coasian Contracts

Luca Anderlini and Leonardo Felli

We identify and investigate the basic 'hold-up problem' which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circu...Read more...

October 1998