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The Coase Theorem
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accident costs activity allocation of resources analysis argued arise bargaining breach chapter Coase theorem common law comparative negligence compensation compulsory purchase confectioner consumers contract law contributory negligence curve decision defendant distribution doctor doctrines economic economists efficient entitlement existing expected value externalities going to court imposed incentive individual inefficient injunction injurer interest in precedent investment involved judicial Kaldor-Hicks criterion land large number law-and-economics least-cost avoider liability rule litigate loss marginal benefit marginal cost market price maximise municipal negotiation nuisance Ontario Municipal Board opportunity cost outcome output owner Pareto criterion Pareto optimal parties plaintiff planning authority pollution position Posner potential problem produce profits promisee promisor property rights property rule reduced relevant Smarties social social welfare function specific performance standard-form contract strategic behaviour strict liability surplus theory tort transaction costs utility Veljanovski victims warranty wealth-maximisation welfare whilst widget zero zoning