经济法英文-资料.pptVIP

Econ 522Economics of LawDan QuintFall 2019Lecture 70 Established properties of an efficient property law systemPrivate goods are privately owned, public goods are notOwners have maximum liberty over how they use their propertyInjunctive relief used when transaction costs are low,damages used when transaction costs highWe tried “testing Coase” through an experimentCan UW undergrads reallocate poker chips efficiently?(Cost me $124)Monday…1 Take 1: Full Information (values on nametags)Our experiment…26/28 = 93%586032purple chip2purple chip4purple chip4(sorry)6purple chip6purple chippurple chip8purple chippurple chipred chip8purple chippurple chip10purple chippurple chip10red chipred chip12fraction of potential gains realizedactual final allocationefficientallocationstartingallocation2 Take 2: Private Information (values hidden)Our experiment…18/24 = 75%424824purple chip2purple chip3purple chip34purple chippurple chip4red chippurple chip6purple chipred chip6purple chippurple chip8purple chippurple chip8purple chipred chip10fraction of potential gains realizedactual final allocationefficientallocationstartingallocation3 Take 3: Uncertainty Take 4: Adverse SelectionOur experiment…100%12128chip2 X die roll(actually 8)chipchip3 X die roll(actually 12)fraction of potential gains realizedactual finalallocationefficientallocationstartingallocation0%121812chip2 X die roll(actually 12)chipchip3 X die roll(actually 18)fraction of potential gains realizedactual finalallocationefficientallocationstartingallocation4 Coase works pretty well, except under asymmetric infoFull info: 93% of gains achievedPrivate info: 75%Uncertainty: 100%Asymmetric info: 0%Comparing “uncertainty” to “asymmetric info”…Seller’s value was 2 X die roll, buyer’s value was 3 X die rollIf nobody knows die roll, no problem – they can trade based on the expected valueBut if seller knows die roll, problemIn strategic settings, information can have negative value – the seller could be worse off for