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IVIIGIVECUTIVITIES, IVITHIEI UTIL TU Faye Question 04: Private solutions to an externality using the Coase Theorem: Sally and Jim are on an oversea airline flight for 8 hours. If reclining her seat is worth $20 to Sally, but for Jim, in the seat behind Sally, being able to put his laptop on the tray table is only worth $10 to him, then... . How could they work things out between themselves if there is no clear "right" either to recline one's seat or to have your tray table down? . What if Sally is guaranteed the "right" from the airline to recline her seat - would Sally and Jim even have to agree on anything? . What if Jim is guaranteed the "right" to flip down his tray - could Sally and Jim come to an agreement without the government, I mean airline, getting involved? How? . What if Jim is guaranteed the "right" to flip down his tray. But there's a lawyer setting next to Jim, how might this make it harder to reach an agreement? Look back to the conditions the Coase Theorem requires. . What if Sally instead wanted to play music within hearing range of half a dozen nearby passengers - why might it be harder to reach some agreement in this case? Look back to the conditions the Coase Theorem requires. Do DII DD F3 F4 F5 F6 F7 F8 F9 $ % & * 4 OO O