Coase's Irrelevance 'Theorem'

This lesson tries to explain Coasean irrelevance (which is often known as the "Coase Theorem").

Learning Outcomes

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.