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Trade Economics' Lecture

TOPIC:Development and Applications of Coase Theorem

SPEAKER:
Jingang Zhao

TIME:
10:00, 27 June, 2017

PLACE:
Room 1008, Mingde Business Building

ABSTRACT:

This paper fixes the purported empty-core problem of the Coase theorem by establishing two mathematical versions of the Coase theorem. The simpler version says that in a coalitional production economy without transaction costs, the maximal payoffs will be produced by the optimal firms and will be split within the always non-empty (new) core. The mathematical model for this theorem yields the smallest upper bound of transaction costs below which the monopoly is optimal and thus be formed.