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- W4386141329 abstract "Abstract The problem of two players, trying to resolve a conflict of interests, to their mutual benefit, may be one of economics, simplest problems. It also raises some of the most fundamental questions that economists ask: can the players, on their own, devise an economically efficient resolution, or do they require the assistance of other parties? The chapter introduces the famous Coase Theorem, which argues that no assistance is required if the bargaining is free of frictions. The chapter tries to understand what such frictions may be. Much of the chapter is dedicated to introducing some basic concepts of Game Theory, an important analytical framework in economics. A precise definition of economic efficiency, in the Pareto sense, is provided." @default.
- W4386141329 created "2023-08-25" @default.
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- W4386141329 date "2023-08-22" @default.
- W4386141329 modified "2023-09-27" @default.
- W4386141329 title "Cutting Deals (the Coase Theorem)" @default.
- W4386141329 doi "https://doi.org/10.1093/oso/9780192869739.003.0003" @default.
- W4386141329 hasPublicationYear "2023" @default.
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