A Reexamination of the Coase Theorem

A Reexamination of the Coase Theorem

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This paper makes three advances: 1) It fixes the empty-core problem of the Coase theorem; 2) it provides the smallest upper bound napoleon concealer of transaction costs below which the optimal or efficient outcomes can be achieved; and 3) it establishes two mathematical theorems that capture the main insights and major diamond painting strand en zee aspects of the Coase theorem.A simpler version of the theorems says that in a coalitional production economy without transaction costs, the maximal payoff will be produced by the optimal firms and be allocated in the always non-empty core.