Farmer Brown v. Rancher Wyatt: Teaching the Coase Theorem

Autor/in	Gourley, Patrick
Titel	Farmer Brown v. Rancher Wyatt: Teaching the Coase Theorem
Quelle	In: Journal of Economic Education, 49 (2018) 2, S.194-199 (6 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Zusatzinformation	ORCID (Gourley, Patrick)
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0022-0485
DOI	10.1080/00220485.2018.1438864
Schlagwörter	Economics Education; Microeconomics; Theories; Environmental Education; Law Related Education; Active Learning; Resource Allocation; College Instruction; Role Playing; Undergraduate Students + Suchen Sie Ihr Suchwort? Wirtschaftskunde; Mikroökonomie; Theory; Theorie; Umweltbildung; Umwelterziehung; Umweltpädagogik; Aktives Lernen; Ressourcenallokation; Hochschullehre; Rollenspiel
Abstract	The Coase Theorem is a fundamental tenet of environmental economics and is taught to thousands of principles of microeconomics students each year. Its counterintuitive conclusion, that a Pareto optimal solution can result between private parties regardless of the initial allocation of property rights over a scarce resource, is difficult for students to understand. By using a mock trial that centers on a property dispute, students can be taught how the Coase Theorem works in practice with minimal preparation. The strong assumptions on which the Coase Theorem relies also can be included to show why the theorem may not hold. By using a unique, active learning technique, students will be more engaged and may have a better understanding of a difficult but seminal theory of economics. (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01