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The Prisoner's Dilemma And The Coase Theorem, F.E. Guerra-Pujol
The Prisoner's Dilemma And The Coase Theorem, F.E. Guerra-Pujol
F.E. Guerra-Pujol
Two of the most important ideas in economics and law are the “Coase Theorem” and the “Prisoner’s Dilemma.” In this paper, we explore the relation between these two influential models through a creative thought-experiment. Specifically, we present a pure Coasean version of the Prisoner’s Dilemma, one in which property rights are well-defined and transactions costs are zero (i.e. the prisoners are allowed to openly communicate and bargain with each other), in order to test the truth value of the Coase Theorem. In addition, we explore what effect (a) uncertainty, (b) exponential discounting, (c) and elasticity have on the behavior of …
A Beautiful Life: Some Lessons For Legal Scholars, F.E. Guerra-Pujol
A Beautiful Life: Some Lessons For Legal Scholars, F.E. Guerra-Pujol
F.E. Guerra-Pujol
The author reviews Jeremy Adelman's biography of Albert O. Hirschman (Adelman, Worldly Philosopher: The Odyssey of Albert O. Hirschman, Princeton University Press, 2013). In particular, the author considers three episodes in Hirschman's life that not only expose the secret life of the scholar but also offer important lessons about law and legal scholarship generally.