Title

Of Posin and Pigs, of Coase and Cost, of Profits Gained and Opportunities Lost

Document Type

Article

Publication Date

Fall 1991

ISSN

0043-1621

Publisher

Wayne University Law School

Language

en-US

Abstract

In his article, "The Coase Theorem: If Pigs Could Fly," Professor Daniel Posin purports to demonstrate that the Coase Theorem fails because it incorrectly accounts for opportunity costs. This short paper will demonstrate that there is a mistake in the example Posin uses to prove his assertion. Although the mistake is a small one, it completely drives his result. In fact, after correcting the mistake, Posin's example corroborates, rather than refutes, the Coase Theorem.

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