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Property, Coase and Externalities.
Consider the problem of a rancher and a farmer in rural Colorado from our homework. Wandering cattle cause $500 in damage to crops. It costs a rancher $400 to enclose his cattle. It costs a farmer $300 to enclose his farm (ranges are larger than farms).
a. What is the efficient outcome in this case ?
b. Suppose we are in a regime where farmers have a right to grow and ranchers are liable for damage done by a herd. What does Coase predict will happen? (Does anyone build a fence? If so, who builds and who pays what?)
c. From a normative Hobbe's perspective, how should property rights be assigned in this case?
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