Abstract
One of the most influential ideas in the field of law and economics has been that the allocation of property rights may have little effect on the ultimate use of property.' Indeed, Ronald Coase was awarded the 1991 Nobel Prize in economics partially in recognition of his contribution to this line of thought. A rich body of literature now claims that when certain highly stylized conditions are met, the assignment of property rights will not affect the ultimate allocation of goods among rational actors.2 Under such conditions, the literature argues, private bargaining, not judicial or regulatory intervention, will lead to the most efficient use of economic resources.3
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