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Question 1 a) What conditions are necessary for the Coase Theorem (1960) to hold in practice? b) Which market frictions did Coase (1935) suggest people

Question 1

a) What conditions are necessary for the Coase Theorem (1960) to hold in practice?

b) Which market frictions did Coase (1935) suggest people avoided by organizing as corporations and appointing managers to allocate resources?

c) Contrast cost-benefit analysis with the pareto test for regulation.

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