ELI5-level question: Is this conceptually related to one of the key insights/corollaries of the Coase theory, which is that efficient allocations of property requires clearly defined property rights? And, the behavioral econ observation that irrational attachment to the status quo (e.g., endowment effect) can prevent efficient transactions?
ELI5-level question: Is this conceptually related to one of the key insights/corollaries of the Coase theory, which is that efficient allocations of property requires clearly defined property rights? And, the behavioral econ observation that irrational attachment to the status quo (e.g., endowment effect) can prevent efficient transactions?
It’s Coase’s Theorem, and yeah now I do see a relationship, at least distantly. It’s an interesting connection, in some sense.