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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.

Lesson Completion Time

45 minutes to 3 hours
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