Theme of the Lecture: when can institutions not improve efficiency? When can we not improve upon market outcomes? Coase Theorem: Efficiency and Bargaining -- closely related to value maximization.
“According to Coase, obstacles to bargaining and/or poorly defined property rights lead to an inefficient marketplace. You need look no further than the current state of the U.S. patent system for ...
Some results have been hidden because they may be inaccessible to you
Show inaccessible results