In a situation of “causal trade”, does everyone end up with the same utility function?
The Coase theorem does imply that perfect bargaining will lead agents to maximize a single welfare function. (This is what it means for the outcome to be “efficient”.) Of course, the welfare function will depend on the agents’ relative endowments (roughly, “wealth” or bargaining power).
The Coase theorem does imply that perfect bargaining will lead agents to maximize a single welfare function. (This is what it means for the outcome to be “efficient”.) Of course, the welfare function will depend on the agents’ relative endowments (roughly, “wealth” or bargaining power).