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On a Clear Day, You Can See the Coase Theorem

Barry Nalebuff

in The Environment and Emerging Development Issues: Volume 1

Published in print:
2000
Published Online:
September 2007
ISBN:
9780199240692
eISBN:
9780191714269
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199240692.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

The Coase theorem states that with zero transaction costs, private and social costs will be equal and the value of production will be maximized. Absence of transaction costs means the world is a ... More


Marginal Cost Pricing Equilibrium

Martine Quinzii

in Increasing Returns and Efficiency

Published in print:
1993
Published Online:
October 2011
ISBN:
9780195065534
eISBN:
9780199855063
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195065534.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter shows how first order-conditions for optimality lead naturally to a concept of equilibrium, which has come to be known as a marginal cost pricing equilibrium. Two conceptual difficulties ... More


Dynamic Allocation and Pricing: A Mechanism Design Approach

Alex Gershkov and Benny Moldovanu

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028400
eISBN:
9780262327732
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028400.001.0001
Subject:
Economics and Finance, Financial Economics

Dynamic allocation and pricing problems appear in numerous frameworks such as the retail of seasonal/style goods, the allocation of fixed capacities in the travel and leisure industries (e.g., ... More


The Principal–Agent Problem

James Bergin

in Microeconomic Theory: A Concise Course

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199280292
eISBN:
9780191602498
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280290.003.0013
Subject:
Economics and Finance, Microeconomics

The principal-agent problem is considered. The full information case is taken as the benchmark and efficient risk allocation with a risk averse principal and risk averse agent is considered, again ... More


Tax-Efficient Investing

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0012
Subject:
Economics and Finance, Financial Economics

Tax-efficient asset management confronts investors with a traditional asset allocation problem—how much of each asset to hold—and also an asset location problem. The traditional asset allocation ... More


Exchange and Efficiency

Richard Adelstein

in The Exchange Order: Property and Liability as an Economic System

Published in print:
2017
Published Online:
September 2017
ISBN:
9780190694272
eISBN:
9780190694302
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190694272.003.0003
Subject:
Economics and Finance, Economic Systems

This chapter articulates the Coase Theorem, which describes how voluntary exchange works when it works perfectly, and considers its implications for both efficient and equitable allocation when ... More


Criteria for a Benefits System: Incentives, Efficiency, and Dignity

Malcolm Torry

in Money for everyone: Why we need a citizen's income

Published in print:
2013
Published Online:
January 2014
ISBN:
9781447311249
eISBN:
9781447311287
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447311249.003.0008
Subject:
Sociology, Politics, Social Movements and Social Change

This chapter evaluates both the current system and a system based on a Citizen's Income against three further criteria The tax and benefits structure should not disincentivise public goods such as ... More


China’s Hybrid Banks

James Stent

in China's Banking Transformation: The Untold Story

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190497033
eISBN:
9780190497064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190497033.003.0001
Subject:
Economics and Finance, Financial Economics

China’s banks reflect the culture in which they are embedded, extensive borrowing of governance and operating models from West, and the pervasive role of the Communist Party. This accords with the ... More


The Basic Environment

Ed Nosal and Guillaume Rocheteau

in Money, Payments, and Liquidity

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016285
eISBN:
9780262298285
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016285.003.0001
Subject:
Economics and Finance, Econometrics

This chapter first explores the basic environment for society’s need for a media of exchange. It defines the standard Arrow–Debreu model economy and suggests that such a study of media exchange ... More


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