Thus, property assignments should try to anticipate the outcome of these “fixup” negotiations.
Generally speaking, yes, but the whole point of relying on the market as opposed to central planning is that quite often you do not know (or are mistaken about) the outcome of the negotiations.
For instance, it’s not obvious to me at all that ex ante it was clear that the Soviet nukes would not be allowed in Cuba.
Generally speaking, yes, but the whole point of relying on the market as opposed to central planning is that quite often you do not know (or are mistaken about) the outcome of the negotiations.
For instance, it’s not obvious to me at all that ex ante it was clear that the Soviet nukes would not be allowed in Cuba.