The Coase Theorem asserts that in competitive markets with no transactions costs, an efficient decision will be selected on property rights.
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PDF) Zerbe, Richard O. and Steven Medema (2000). “The Coase Theorem,” in Bouckaert and DeGeest (eds.), The Encyclopedia of Law and Economics. Aldershot: Edward Elgar Publishing, Inc., vol. 1, pp. 836-892 (peer reviewed).
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