#ATransactionCost #UnCostoDeTransacción

 #ATransactionCost 

IsACostInMakingAnyEconomicTrade

WhenParticipatingInAMarket.

#UnCostoDeTransacción

EsUnCostoAlRealizarCualquierComercioEconómico

AlParticiparEnUn mercado.

Ronald Coase

Ronald Harry Coase

29 December 1910 – 2 September 2013

English-American economist, author, and academic

1991 Nobel Memorial Prize in Economic Sciences

study real markets

means 

to pay the costs of operating a marketplace

the concept of transaction costs to explain the nature and limits of firms, 

"The Problem of Social Cost"

which ... defined property rights could overcome the problems of externalities 

(see Coase theorem).

the Coase Conjecture

an informal argument that durable-goods monopolists do not have market power 

because they are unable to commit to not lowering their prices in future periods.

a transaction cost 

is a cost in making any economic trade when participating in a market.

the Coase theorem

describes the economic efficiency of an economic allocation 

or outcome in the presence of externalities. 

if… an externality is possible 

and there are sufficiently low transaction costs, 

bargaining will lead to a Pareto efficient outcome regardless 

of the initial allocation of property. 

In practice, 

obstacles to bargaining or poorly defined property rights 

can prevent Coasian bargaining.

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