Buy custom The Coase Theorem says that as long as property rights are clearly defined, externalities do not matter
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?50 per year. In doing so she is saving herself from paying for a fence to be built around her property which would be ?25 more, and so to be truly efficient, she should pay the farmer half of this amount as well. In other words, she should pay the farmer ?62.50 per year to build and maintain a fence around his crops...
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In other words, she should pay the farmer ?62.50 per year to build and maintain a fence around his crops. Therefore, although it seemed that the first legal rule was most efficient as it gave a greater net benefit, it is the second legal rule which is actually most efficient under a scenario of cooperative bargaining...
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The Coase Theorem says that as long as property rights are clearly defined, externalities do not matter
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