Examlex
One reason optimal contact creates positive change is because it _______.
Coase Theorem
An economic theory that suggests that if property rights are well-defined and transaction costs are minimal, voluntary negotiations will lead to the efficient resolution of disputes regarding resource allocation.
Cost Of Bargaining
The expenses, in terms of both time and resources, that are involved in reaching an agreement in a bargaining process.
Property Rights
Legal principles that define the ownership and use of resources, including the ability to transfer, exclude, and derive benefits from them.
Coase Theorem
A theory asserting that if property rights exist and transaction costs are low, externalities can be efficiently resolved through private negotiations regardless of the initial allocation of property.
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