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ERIC Number: EJ1175093
Record Type: Journal
Publication Date: 2018
Pages: 6
Abstractor: As Provided
ISSN: ISSN-0022-0485
Farmer Brown v. Rancher Wyatt: Teaching the Coase Theorem
Gourley, Patrick
Journal of Economic Education, v49 n2 p194-199 2018
The Coase Theorem is a fundamental tenet of environmental economics and is taught to thousands of principles of microeconomics students each year. Its counterintuitive conclusion, that a Pareto optimal solution can result between private parties regardless of the initial allocation of property rights over a scarce resource, is difficult for students to understand. By using a mock trial that centers on a property dispute, students can be taught how the Coase Theorem works in practice with minimal preparation. The strong assumptions on which the Coase Theorem relies also can be included to show why the theorem may not hold. By using a unique, active learning technique, students will be more engaged and may have a better understanding of a difficult but seminal theory of economics.
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: Teachers
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A