Abstract
This book starts with a famous academic parable Ronald Coase's tale of the farmer and the rancher intended to explicate the relation between liability rules and land use.1 Coase asked how the behavior of a farmer and a neighboring rancher would be affected by whether the rancher was responsible for damage done by straying cattle. In one of the first statements of what came to be called the Coase Theorem, he concluded that, as long as the parties could readily bargain with each other over their actions, the legal rule would affect the pattern of side payments who had to pay what to whom but not the use of the land.2
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