Strategic manipulation of property rights in Coasean bargaining
Coase argued that voluntary bargaining can help solve the problem of externalities, under certain conditions. There are limitations to the bargaining approach in practice, and Coase noted the impediment represented by transaction costs. Pre-bargaining manipulation can lead to resources being used in an inefficient way. This problem relates to externalities rather than to exchanges of private goods. There is a need for government intervention to supplement rules relating to liability.
Publication Name: Journal of Institutional & Theoretical Economics
A diagrammatic exposition of portfolio optimization analysis
A portfolio optimization analysis for a simple two-instrument portfolio is presented. The approach assumes increasing marginal disutility of risk and cost. Apart from showing the comparative static elements of portfolio selection, the model can also be used to investigate the effects of changes in aversion to cost and risk. A technique for diagrammatically representing the portfolio optimization analysis is also described.
Publication Name: Journal of Economic Studies
Property rights and the impact on resource allocation and welfare: a diagrammatic exposition
Several case studies are presented illustrating the negative implications of property rights assignment and public welfare. While property owners benefit directly from rights assignment, consumers fail to benefit as a result of the lower output from reallocation strategies, and the higher price owners are able to charge.
Publication Name: Australian Economic Review
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