2. Coase Theorem and Trespassing Along Waterfront Property: Trespassing on private property is illegal in many parts of the world. These laws grant property owners the right to exclude strangers from en- tering their property. Yet, often these rights are suspended when it comes to waterfront properties located right next to a lake, so that any citizen has the right to walk across any parcel of land located along the lakeshore.

Using the Coase Theorem, can you think about why tresspass laws do not always apply to property located next to waterfronts? Explain also whether in your opinion, trespass laws should or should not apply to wa- terfront property (if it helps, think of the land located at waterfront at Kingston next to St. Lawrence River).