econ 522 F2016 hw 2 solutions - Econ 522 Economics of Law...

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Econ 522 – Economics of Law – Fall 2016 Dan Quint Homework 2 – Property Law My Answers (but not necessarily the only right ones) QUESTION 1 – THE ELGIN MARBLES a. Would you expect the transaction costs of private bargaining to be high or low in this case? Why?
b. Explain the difference between the Normative Coase and Normative Hobbes approaches to property law. Given your answer to (a), which seems more appropriate in this case?
c. Suppose it were decided that Greece had a right (in the words of Calabresi and Melamed, an entitlement) to the statues. Given your answer to (a), what would you expect to be the final outcome if this entitlement were protected by injunctive relief (property rules), damages (liability rules), or inalienability?

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