Coase Theorem Revolutionizes Economic Policymaking, Empowers Businesses and Consumers
The article takes on Ronald Coase's concept, the 'Coase Theorem', which was introduced over fifty years ago. Coase's idea, not a mathematical theorem, centers on how people can settle disputes over resources. The researchers aim to turn Coase's verbal theory into a more formal, mathematical one by blending his ideas with game theory methods. In essence, the study wants to provide a clearer, structured basis for Coase's insights and apply them mathematically to real-world scenarios.