Coase Theorem: Reflection and Development——Concurrently Discuss on the Market Logic of Farmland Transfer
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| Title | Coase Theorem: Reflection and Development——Concurrently Discuss on the Market Logic of Farmland Transfer
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| Author | Luo Biliang |
| Organization | South China Agricultural University |
| Email | luobl@scau.edu.cn |
| Key Words | Coase theorem; farmland transfer; endowment effect; Coase theorem IV; roundabout transaction |
| Abstract | Professor R.Coase and his followers have been focusing on the impact of property rights on the institutional structure of production. However, they pay little attention to the implication of transaction hidden in the definition of property, and ignore the characters of products especially the personified property and its transaction nature. This article develops Coase theorem in the case of farmland transfer of China. It tries to prove that while transaction cost is considered, property subdivision and the roundabout transaction matching are the appropriate tools to efficiency enhancement when property redistribution is not available. The author emphasize that more attention should be paid to the institutional structure of transaction. |
| Serial Number | WP1239 |
| Time | 2017-11-17 |
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