What is the coase theorem

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Reference no: EM13985994

1. What is the Coase Theorem?

Explain the relevance of each of the following conditions for the applicability of the theorem?

a. Well-defined property rights

b. Low costs of negotiating and enforcing agreements

2. Describe the difference between the logic of market processes and the logic of democratic political processes? How does this relate to the Nirvana Fallacy?

3. What are the conditions for the validity of the Median-Voter Theorem? What types of elections are likely to meet those conditions? ?

4. What is “appropriative activity”? What is “rent-seeking”? What are the implications of such activities for economic efficiency?

Reference no: EM13985994

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