Keyword: Coase Theorem

Busy Bees cartoon (11/2/2011)

Honey bees tell an interesting story of how businesses settle payments for spillover costs and benefits among them.

Keywords: bees, Coase Theorem, external benefits, fable

External Benefit and External Cost (11/2/2011)

External cost and external benefit exist because some property rights have not been clearly defined and enforced. Their existence leads to misallocation of resources.

Keywords: Coase Theorem, external benefit, external cost, externality, property rights

External Benefit and External Cost (transcript) (3/27/2007)

The existence of external cost and external benefit leads to misallocation of resources.

Keywords: Coase Theorem, external benefit, external cost, externality, internalization, resource allocation