Editor's note: On September 2, 2013 Nobel Laureate Ronald Coase, died at the age of 102. Coase had a profound influence on China's reform and opening-up. In 2008 he hosted an international seminar on ...

Theme of the Lecture: when can institutions not improve efficiency? When can we not improve upon market outcomes? Coase Theorem: Efficiency and Bargaining -- closely related to value maximization.

There's a famous joke about a dairy farmer who, hoping to increase milk production, seeks the help of a theoretical physicist at the local university. After carefully studying the problem, the ...

The Observer: Professor Coase said many times that the Coase Theorem should be understood as saying that transaction costs cannot be neglected and that the initial allocation of property rights ...