A Coasean Solution to Problems of Initial Acquisitions

Show full item record

Permalink

Citation

Ekman , M J 2017 , ' A Coasean Solution to Problems of Initial Acquisitions ' , Erasmus Journal for Philosophy and Economics , vol. 10 , no. 2 , pp. 45-60 . https://doi.org/10.23941/ejpe.v10i2.277

Title: A Coasean Solution to Problems of Initial Acquisitions
Author: Ekman, Mats Johan
Contributor: Hanken School of Economics, Economics, Helsinki
Belongs to series: Erasmus Journal for Philosophy and Economics
ISSN: 1876-9098
Abstract: This article extends the Coase Conjecture to ethical issues of property rights. The Coase Conjecture combines well with the Lockean labour-mixing criterion to limit the boundaries of morally legitimate initial acquisitions of unowned property; whenever the Coase Conjecture applies, the Lockean Proviso that there be “enough and as good” left is automatically satisfied. The essential point is that, when a claim is made, the marginal willingness to pay for the last portion of it is zero (infra-marginally, willingness to pay may be arbitrarily high). Thus, the market price of the claim is zero, except for the part of it that the claimant inhabits or improves. “Excessive” claims therefore come to have a zero market price, so anyone may take possession of them, by purchase or theft. In either case they must compensate the original claimant by a zero amount. It follows that non-claimants do not lose by putatively “excessive” grabs by claimants. Under these circumstances, any initial claims are just.
Date: 2017-12-21
Subject: 511 Economics
Property rights
Initial acquisition
Labour-mixing criterion
KOTA2017?
PREM_0
1 - Open access publication channel
1 - Self archived
https://helda.helsinki.fi/dhanken/handle/123456789/173878
0- Ingen av författarna har en utländsk affiliation
1- Publicerad utomlands
0- Ingen affiliation med ett företag
Rights:


Files in this item

Total number of downloads: Loading...

Files Size Format View
277_1_613_1_10_20171222_1_.pdf 204.8Kb PDF View/Open

This item appears in the following Collection(s)

Show full item record