?( 20 ?) :
The property rights
The term property rights carries two distinct meanings in the economic literature.
One, primarily developed by Alchian and Cheung. is essentially the ability to enjoy a piece of
The other, much more prevalent and m
( 2) ?:
When property rights are well defined and transacting is costless, resources will be used where they
are most valued, regardless of which of the transactors assumes liability for his or her effects on the other.
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The Coase Theorem 2:W
?( 20 ?) : ?, ?
1?Owners who took anything from their slaves were simply taking something that was legally
theirs to start with. ( ?: ?, ?) Because the ownership
over the slave was not complete. Owners had to spend resources on supervising the work effort
2?True of False( 10 ?)
(1)Transaction costs & Contracts( ?: ?)
Share contracts transaction costs are the highest since the share contract is subject to more margin of
(2)Transaction costs & Property rights
When property rights are perfectly de