组织的经济学与管理学（英文）ch04_Coase_theorem教材教学课件.ppt

Chapter 4 Coase theorem George Hendrikse;Allocation of property rights (Coase);Possible solutions for the externality problem;Example: Lake with polluting firm and camping;Price;Cost;Suppose that pollution rights are established. These rights can be allocated in various ways.;Case 1: Camping owns pollution rights.;Conclusion 0 units of pollution is not Pareto optimal, i.e. VMP MD at 0th-unit. ;Equilibrium;What is the gain in surplus when you move from 0 units of pollution to A units of pollution?;D;Case 2: Firm owns pollution rights;D;No, the MD of the Bth-unit of pollution is much higher than the VMP of the Bth-unit. ;Equilibrium;What is the gain in surplus when you move from B units of pollution to A units of pollution?;p;Conclusion;Coase Theorem;Assumptions1. Efficient bargaining;However, the bargaining environment may be such that efficient outcomes do not occur, e.g. asymmetric information.;Solution;There are no wealth effects when choices can be expressed in money; (Not always: fight as a volunteer for Saddam; move to Iran as a catholic; sell your child.) choices do not depend on wealth position; there are no financial restrictions regarding establishing a deal.;This final assumption is realistic when the amount of money involved is small relative to the financial position of the decision maker.;Limited financial resources have to be taken into account in the design of an optimal contract and the choice of organisational form.;3. Property rights;Property rights are allocated;Property rights are allocated, but not respected / honoured;Property rights are enforceable;Well defined property rights are of huge importance for economic success. ;Figure 4.4: The market for apples;Figure 4.5: The markets for pollination services and nectar during spring time;Slavery is not allowed by the law.Bosman court case in soccer.Participation constraint.;Remarks1. Focus on bargaining aspects;2. Large numbers of buyers and sellers are not necessary for achievi