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Full-Text Articles in Social and Behavioral Sciences
Coasean Markets, Herbert J. Hovenkamp
Coasean Markets, Herbert J. Hovenkamp
All Faculty Scholarship
Coase’s work emphasized the economic importance of very small markets and made a new, more marginalist form of economic “institutionalism” acceptable within mainstream economics. A Coasean market is an association of persons with competing claims on a legal entitlement that can be traded. The boundaries of both Coasean markets and Coasean firms are determined by measuring not only the costs of bargaining but also the absolute costs of moving resources from one place to another. The boundaries of a Coasean market, just as those of the Coasean business firm, are defined by the line where the marginal cost of reaching …
The Coasean Analysis Of Harmful Interactions: Some Conceptual Difficulties, Satish K. Jain
The Coasean Analysis Of Harmful Interactions: Some Conceptual Difficulties, Satish K. Jain
Satish K. Jain
This paper is concerned with two distinct issues flowing from Coase's analysis of harmful interactions and of how courts deal with them. The first issue relates to the domain of validity of the Coase Theorem. It is argued in the paper that if non-pecuniary considerations are brought into the analysis then it can no longer be claimed that the outcome will be efficient regardless of liability assignments. In other words, it is contended in the paper that the validity of the Coase Theorem is crucially dependent on neglect of non-pecuniary considerations from the analysis. From this it follows that if …
Fannie Mae And Freddie Mac: Creatures Of Regulatory Privilege, David J. Reiss
Fannie Mae And Freddie Mac: Creatures Of Regulatory Privilege, David J. Reiss
David J Reiss
This book chapter addresses the appropriate role of Fannie Mae and Freddie Mac, the government-chartered, privately owned mortgage finance companies, in the United States housing finance sector. The federal government recently placed Fannie and Freddie in conservatorship. These two massive companies are profit-driven, but as government-sponsored enterprises they also have a government-mandated mission to provide liquidity and stability to the United States mortgage market and to achieve certain affordable housing goals. How the two companies should exit their conservatorship has implications that reach throughout the global financial markets and are of key importance to the future of American housing finance …
Firms As Social Actors, Richard Adelstein
Firms As Social Actors, Richard Adelstein
Richard Adelstein
A close look at what firms are and how they act.
Organizations And Economics, Richard Adelstein
Organizations And Economics, Richard Adelstein
Richard Adelstein
A contribution to a symposium on a paper by Richard Posner.