; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "A Reconsideration of the Problem of Social Cost: Free Riders and Monopolists"; ; "batchuser@example.com"; "Jones, Larry E.", "Chari, V. V."; "Federal Reserve Bank of Minneapolis"; "Externalities", "Public goods", "Complementary monopoly", "Free-rider problem"; "D60 - Welfare Economics: General", "H40 - Publicly Provided Goods: General", "D50 - General Equilibrium and Disequilibrium: General"; """We examine the validity of one version of the Coase Theorem: In any economy in which property rights are fully allocated, competition will lead to efficient allocations. This version of the theorem implies that the public goods problem can be solved by allocating property rights fully and letting markets do their work. We show that this mechanism is not likely to work well in economies with either pure public goods or global externalities. The reason is that the privatized economy turns out to be highly susceptible to strategic behavior in that the free-rider problem in public goods economies manifests itself as a complementary monopoly problem in the private goods economy. If the public goods or externalities are local in nature, however, market mechanisms are likely to work well. Our work is related to the recent literature on the foundations of Walrasian equilibrium in that it highlights a relationship among the appropriateness of Walrasian equilibrium as a solution concept, the incentives for strategic play, the aggregate level of complementarities in the economy, and the problem of coordinating economic activity."""^^; "1991-07"; "2019-09-14T04:39:29.940111561+00:00"^^; "https://doi.org/10.21034/sr.142"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-04-02T16:01:39.097011737+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "129", "374"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "142"; "Public goods", "Externalities", "Free-rider problem", "Complementary monopoly"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in: _Economic Theory_ (Vol. 16, No. 1, July 2000, pp. 1-22) https://doi.org/10.1007/s001990050324. [Working Paper 324: _A Reconsideration of the Problem of the Social Cost: Free Ratios and Monopolists_](https://researchdatabase.minneapolisfed.org/concern/publications/pc289j08t?locale=en)"""^^; ; "Publication" . ; .