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Coase Competition and Compensation

Опубликовано на портале: 22-11-2004
In a world with no transactions costs there is no reason to choose between the Coasian and Pigovian treatments: both come down to finding a way to achieve an efficient allocation that Pareto dominates some initial endowment. A mechanism that solves one problem will solve the other. I have described one such mechanism, the compensation mechanism here. This is, however, only one example among many. I think that the compensation mechanism has nice theoretical properties. The question is, how does it work in practice? I am currently carrying out a series of laboratory experiments to investigate this question.

текст статьи на сайте Economics Working Paper Archive at WUSTL:
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