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Costly enforcement of property rights and the Coase theorem

Robson, Alexander; Skaperdas, Stergios


We examine a setting in which property rights are initially ambiguously defined. Whether the parties go to court to remove the ambiguity or bargain and settle privately, they incur enforcement costs. When the parties bargain, a version of the Coase theorem holds. Despite the additional costs of going to court, other ex post inefficiencies, and the absence of incomplete information, however, going to court may be an equilibrium or ex ante Pareto-superior over settlement; this is especially yes...[Show more]

CollectionsANU Research Publications
Date published: 2005
Type: Working/Technical Paper


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