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» And Coase rediscovers the Rottenberg Result from Yet another Sheep
Phil Miller from Market Power shows that Ronald Coase was not the first to come up with the "Coase Theorem". Sports economist Simon Rottenberg came four years early. [Read More]

» And Coase rediscovers the Rottenberg Result from Yet another Sheep
Phil Miller from Market Power shows that Ronald Coase was not the first to come up with the "Coase Theorem". Sports economist Simon Rottenberg came four years early. Still, I have to point out that... [Read More]

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EclectEcon

The resulting allocation won't necessarily be the same -- just efficient (unless income effects are zero). Think of ball players who won't play for Steinbrenner under free agency but had no choice under slavery. Think of Kirby Puckett foregoing a higher income to stay in Minnesota.

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