Coase Theorem

Edited by Richard A. Posner, retired Judge, United States Court of Appeals for the Seventh Circuit and formerly Senior Lecturer, University of Chicago Law School, US and Francesco Parisi, Oppenheimer Wolff and Donnelly Professor of Law, University of Minnesota Law School, US and Professor of Economics, University of Bologna, Italy

‘For those eager to learn more about the phenomenon that is the Coase theorem, this collection makes an excellent resources, one that exposes the reader to both the grand themes of Coase theorem history and the theoretical minutia that all too often dominated the discussion - but without going overboard on the latter front.'

• Contents:Volume I: Origins, Restatements and Extensions AcknowledgementsIntroduction Richard A. Posner and Francesco ParisiPART I THE SOURCES 1. R.H. Coase (1959), ‘The Federal Communications Commission’2. R.H. Coase (1960), ‘The Problem of Social Cost’3. R.H. Coase (1988), ‘Notes on the Problem of Social Cost’, in ‘The Firm, the Market, and the Law’ PART II THE POSITIVE RESTATEMENTS 4. Harold Demsetz (1964), ‘The Exchange and Enforcement of Property Rights’5. George J. Stigler (1966), ‘Costs and Production’6. George J. Stigler (1989) ‘Two Notes on the Coase Theorem’ 7. Richard A. Posner (2011), ‘3.6 Incompatible Uses’ from Chapter 3 ‘Property’ in ‘Economic Analysis of Law’ PART III THE NORMATIVE COROLLARIES8. Guido Calabresi and A. Douglas Melamed (1972), ‘Property Rules, Liability Rules, and Inalienability: One View of the Cathedral’9. Ian Ayres and Eric Talley (1995), ‘Solomonic Bargaining: Dividing a Legal Entitlement to Facilitate Coasean Trade’10. Louis Koplow and Steven Shavell (1996), ‘Property Rules Versus Liability Rules: An Economic Analysis’11. Barbara Luppi and Francesco Parisi (2011), ‘Toward an Asymmetric Coase Theorem’ PART IV COASE THEOREM AND COASEANISM12. Robert C. Ellickson (1989), ‘The Case for Coase and Against “Coaseanism”’13. E. Ray Canterbery and A. Marvasti (1992), ‘The Coase Theorem as a Negative Externality’14. Daniel A. Farber (1997), ‘Parody Lost/Pragmatism Regained: The Ironic History of the Coase Theorem’15. Deirdre McCloskey (1998), ‘The So-Called Coase Theorem’16. Edward Glaeser, Simon Johnson and Andrei Shleifer (2001), ‘Coase Versus the Coasians’17. Steven G. Medema (1994), ‘The Myth of Two Coases: What Coase is Really Saying’ PART V THE INTELLECTUAL LEGACY18. Richard A. Posner (1993), ‘Nobel Laureate: Ronald Coase and Methodology’19. Richard A. Epstein (1993), ‘Holdouts, Externalities, and the Single Owner: One More Salute to Ronald Coase’20. Guido Calabresi (1991), ‘The Pointlessness of Pareto: Carrying Coase Further’21. Stewart Schwab (1989), ‘Review: Coase Defends Coase: Why Lawyers Listen and Economists Do Not’22. Fred R. Shapiro (1995-1996), ‘The Most-Cited Law Review Articles Revisited’23. R.H. Coase (1996), ‘The Problem of Social Cost: The Citations’Volume II: Criticisms and Applications Acknowledgements An Introduction by editors to both volumes appears in Volume I PART I SURVEYS AND APPLICATIONS 1. A. Mitchell Polinsky (2011), ‘The Coase Theorem’, ‘First Application-Nuisance Law’, ‘Second Application-Breach of Contract’ and ‘Third Application-Automobile Accidents’ 2. James Halteman (2005), ‘Externalities and the Coase Theorem: A Diagrammatic Presentation’3. Robert D. Cooter (1987), ‘Coase Theorem’4. Francesco Parisi (2008), ‘Coase Theorem’ PART II COASEAN BARGAINING IN THE SHADOW OF THE LAW 5. Robert C. Ellickson (1986), ‘Of Coase and Cattle: Dispute Resolution Among Neighbors in Shasta County’6. Kenneth R. Vogel (1987), ‘The Coase Theorem and California Animal Trespass Law’7. Timothy R. Hylan, Maureen J. Lage and Michael Treglia (1996), ‘The Coase Theorem, Free Agency, and Major League Baseball: A Panel Study of Pitcher Mobility from 1961 to 1992’ PART III COASE THEOREM AND THE CONSTITUTION8. James M. Buchanan (1973), ‘The Coase Theorem and the Theory of the State’9. J. Gregory Sidak (1991), ‘The Inverse Coase Theorem and Declarations of War’ PART IV COASE THEOREM AND POLITICAL MARKETS 10. Varouj A. Aivazian, Jeffrey L. Callen and Irwin Lipnowski (1987), ‘The Coase Theorem and Coalitional Stability’11. Peter Bernholz (1997), ‘Property Rights, Contracts, Cyclical Social Preferences and the Coase Theorem: A Synthesis’12. Peter Bernholz (1999) ‘The Generalized Coase Theorem and Separable Individual Preferences: An Extension’ 13. Francesco Parisi (2003), ‘Political Coase Theorem’ PART V DOES LIABILITY MATTER? COASE THEOREM IN THE LONG-RUN 14. Stanislaw Wellisz (1964), ‘On External Diseconomies and the Government-Assisted Invisible Hand’15. G. Warren Nutter (1968), ‘The Coase Theorem on Social Cost: A Footnote’16. Guido Calabresi (1968), ‘Transaction Costs, Resource Allocation and Liability Rules – A Comment’17. Harold Demsetz (1972), ‘When Does the Rule of Liability Matter?’18. Donald H. Regan (1972), ‘The Problem of Social Cost Revisited’19. William D. Schulze and Ralph C. D’Arge (1974), ‘The Coase Proposition, Information Constraints and Long-Run Equilibrium’PART VI OTHER THEORETICAL CRITIQUES20. Paul Samuelson (1995), ‘Some Uneasiness with the Coase Theorem’21. Robert Cooter (1982), ‘The Cost of Coase’22. Avinash Dixit and Mancur Olson (2000), ‘Does Voluntary Participation Undermine the Coase Theorem?’23. Luca Anderlini and Leonardo Felli (2006), ‘Transaction Costs and the Robustness of the Coase Theorem’24. Ken-Ichi Inada and Kiyoshi Kuga (1973), ‘Limitations of the “Coase Theorem” on Liability Rules’25. Varouj A. Aivazian and Jeffrey L. Callen (1981), ‘The Coase Theorem and the Empty Core’26. A.W. Brian Simpson (1996), ‘“Coase v. Pigou” Reexamined’PART VII EXPERIMENTAL TESTS OF THE COASE THEOREM27. Elizabeth Hoffman and Matthew L. Spitzer (1982), ‘The Coase Theorem: Some Experimental Tests’28. Glenn W. Harrison and Michael McKee (1985), ‘Experimental Evaluation of the Coase Theorem?’29. Elizabeth Hoffman and Matthew L. Spitzer (1986), ‘Experimental Tests of the Coase Theorem with Large Bargaining Groups’30. Glenn W. Harrison, Elizabeth Hoffman, E.E. Rutström and Matthew L. Spitzer (1987), ‘Coasian Solutions to the Externality Problem in Experimental Markets’31. Daniel Kahneman, Jack L. Knetsch and Richard H. Thaler (1990), ‘Experimental Tests of the Endowment Effect and the Coase Theorem’32. Varouj A. Aivazian, Jeffrey L. Callen and Susan McCracken (2009), ‘Experimental Tests of Core Theory and the Coase Theorem: Inefficiency and Cycling’