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The current link to the on-line "The Nature of the Firm" has a number of typos. I'm also not sure if it will go away at some point; I wonder if it is even legal for that web site to post it. In any case, if anyone has a link to a better version, that would be nice. --Ryguasu 23:37 Nov 8, 2002 (UTC)
I just deleted the link for The Nature of the Firm since the page "The Nature of the Firm" simply redirects to the Ron Coase page (ie this one). A shame really because that's the information I was looking for! Wikikob 10:29, 19 February 2007 (UTC)
The great Coase - Pigou debate with Milton, Stigler, Aaron et al
Does anyone have a link or transcript to the great dinner debate where Coase defended his FCC paper and his Coase theorem ?
I found a mention here: http://www.boston.com/globe/search/stories/nobel/1991/1991f.html and here: http://links.jstor.org/sici?sici=0022-2186(198304)26%3A1%3C163%3ATFOTAR%3E2.0.CO%3B2-N but not the transcript. Kendirangu 07:09, 3 July 2007 (UTC)
He also mentioned it himself in his Nobel Price autobiography: http://nobelprize.org/nobel_prizes/economics/laureates/1991/coase-autobio.html --Asdirk 10:07, 30 September 2007 (UTC)
It is possible to formally state the Coase Conjecture (was forced to do so in a grad school exam) - so I do not know if it is correct to describe it as an informal argument. Bigdaddy1981 01:06, 4 July 2007 (UTC)
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The Problem of Social Cost
From the first paragraph. . .
"The example he gave was of a rancher whose cattle stray onto the cropland of his neighbour. If the rancher is made to restrict his cattle, he is harmed just as the farmer is if the cattle remain unrestrained."
This example is supposed to illustrate an externality. I do not see what the externality is. This is a case of the rancher violating the farmer's property rights by letting his cattle graze on the farmer's privately owned land. There is no externality here. Why does the farmer need to bargain with the rancher? Doesn't he have the right to demand that the state enforce his property rights? Now if the rancher's cattle were generating a noxious gas that was causing the farmer to gag from the odor, then that is an externality because the farmer has no property rights over the air hovering above his farm.
- Agree, the sentence is completely wrong. In Coase theorem it's better worded, to say the least: "If it is more efficient to prevent cattle trampling a farmer's fields by fencing in the farm, rather than fencing in the cattle, the outcome of bargaining will be the fence, regardless of whether victim rights or unrestricted grazing-rights prevail." So, the farmer's property rights would be violated by the rancher and a judge would say so. A very wise judge though, would try to get them to negotiate because it would be cheaper to fence the land of the farmer instead of fencing the cattle. The outcome would supposedly be that the ranger pays the farmer to fence his land; more than that fence would cost (making it profitable for the farmer), and less than fencing the cattle would cost (making it profitable for the ranger). Without transaction costs, they wouldn't need the judge to be wise. Both parties would have figured out what their property rights were and would instantly come to an agreement. Joepnl (talk) 01:40, 30 January 2010 (UTC)