Coase theorem

Das Coase-Theorem geht davon aus, dass Teilnehmer eines Marktes die Fähigkeit haben, external effects alleine auszugleichen, solange diese über Ressourcen verhandeln können. Durch diese Selbstständigkeit wird das Eingreifen des Staates unnötig und die Verhandlungskosten sind somit relativ
small amount.

Although the Coase theorem theoretically achieves the optimal solution, it has no practical relevance because it is tied to unrealistic conditions, such as that all participants must know exactly what effects their actions have on the others.

The Coase theorem is an extension of the main theorem of welfare economics and was set up by the British economist Ronald Harry Coase (* December 29, 1910), who received the Nobel Prize in Economics for it in 1991.

see also: welfare state

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