Coase's Irrelevance 'Theorem'
This lesson tries to explain Coasean irrelevance (which is often known as the "Coase Theorem").
On completion of the lesson, the student will be able to:
1. Explain the theory of Coasean Irrelevance.
2. Explain why Coasean Irrelevance does not always obtain.
3. Explain the adjustments individuals would make if there was no contract law.