scholarly journals Land-locked: An Examination of Some of the Inefficiencies Affecting Transactions Involving Immovable Property

2006 ◽  
Vol 45 (4II) ◽  
pp. 1323-1342 ◽  
Author(s):  
Ahmad Rafay Alam
Keyword(s):  
Transaction Costs ◽  
Law And Economics ◽  
Coase Theorem ◽  
High Rate ◽  
Efficient Allocation ◽  
Allocation Of Resources ◽  
Natural Flow ◽  
One Year ◽  
The Cost ◽  
Stamp Duty

In the study of law and economics, the Coase Theorem posits that an efficient allocation of resources will result when transactions costs are zero.1 These “transaction costs” may be viewed as impediments to an efficient allocation of resources and can take many forms. For example, long distances between a prospective vendor and purchaser of property and a lack of communication facilities between them would impede even the best of intentions to enter into a bargain. Similarly, the cost of mobilising labour and materials might impede a property developer from pursuing a tender for civil works. In some cases, a high rate of Stamp Duty on transactions can result in the parties reconsidering their decision to enter into such bargains. To the extent this author can claim knowledge of economics, the Coase Theorem also suggests that transaction costs and inefficiencies hamper the natural flow of bargains, result in inefficient allocation of resources and thus impact the economy. Some transaction costs are small enough to ignore whereas some, imposed, for example, by the law, are unavoidable. In such cases, a mutual understanding between the parties may see the burden of these transaction costs shared or, in others, avoided altogether. For example, the statutory requirements that all leases purporting to grant a term in excess of one year or which reserve an annual rent must be registered and stamped2 often results, in owners of residential property granting indefinitely renewable leases of 11 months and thus avoiding such requirements.

Exchange and Efficiency

2017 ◽  
Author(s):  
Richard Adelstein
Keyword(s):  
Transaction Costs ◽  
Rule Of Law ◽  
High Efficiency ◽  
Coase Theorem ◽  
Efficient Allocation ◽  
Hypothetical Case ◽  
The Rule Of Law ◽  
Voluntary Exchange ◽  
Equitable Allocation ◽  
Distributional Fairness

This chapter articulates the Coase Theorem, which describes how voluntary exchange works when it works perfectly, and considers its implications for both efficient and equitable allocation when conditions are perfect and when they’re not. Distinctions between utility, wealth, and value are developed in relation to the problem of distributional fairness, and transaction costs are introduced as impediments to voluntary exchange, and thus to efficient allocation in markets. Posner extends Coase’s logic to a corollary, that when transaction costs are high, efficiency can only be achieved if rights are granted initially to their highest-valuing owner, and proposes a provocative theory of the judicial role in light of the rule of law and the inevitable subjectivity of justice. This is tested in two cases: a hypothetical case where transaction costs are high, and a real one, involving rights to a significant moment in American history in which they’re low.

scholarly journals Transaction Costs and Institutions: Investments in Exchange

2015 ◽  
Vol 15 (2) ◽  
Author(s):  
Charles Nolan ◽  
Alex Trew
Keyword(s):  
Simple Model ◽  
Transaction Costs ◽  
Institutional Quality ◽  
Policy Implications ◽  
Market Size ◽  
Efficient Allocation ◽  
Measurement Issues ◽  
The Cost

AbstractThis paper proposes a simple model for understanding transaction costs – their composition, size and policy implications. We distinguish between investments in institutions that facilitate exchange and the cost of conducting exchange itself. Institutional quality and market size are determined by the decisions of risk adverse agents and conditions are discussed under which the efficient allocation may be decentralized. We highlight a number of differences with models where transaction costs are exogenous, including the implications for taxation and measurement issues.

Symposium on the Coase Theorem: Legal Fiction: The Place of the Coase Theorem in Law and Economics

1999 ◽  
Vol 15 (2) ◽  
pp. 209-233 ◽  
Author(s):  
Steven G. Medema
Keyword(s):  
Transaction Costs ◽  
Social Cost ◽  
Law And Economics ◽  
Coase Theorem ◽  
Normative Analysis ◽  
Legal Fiction

Modern law and economics received much of its impetus from Ronald Coase's analysis in ‘The Problem of Social Cost,’ and a goodly amount of that comes from the Coase theorem, which states that, absent transaction costs, externalities will be efficiently resolved through bargaining. The fact that the analysis that came to be codified in the Coase theorem was (intentionally) an exercise in pure fiction on Coase's part did not deter the erection of a substantial edifice of positive and normative analysis on this foundation, nor, for that matter, has subsequent elaboration of Coase's intent done anything to abate the interest in the theorem and its implications.

Sonographically guided, transcatheter foam sclerotherapy of the great saphenous vein

Phlebologie ◽  
2007 ◽  
Vol 36 (06) ◽  
pp. 309-312 ◽  
Author(s):  
T. Schulz ◽  
M. Jünger ◽  
M. Hahn
Keyword(s):  
Saphenous Vein ◽  
Great Saphenous Vein ◽  
Clinical Stage ◽  
Clinical Signs ◽  
Cost Effective ◽  
Duplex Sonography ◽  
Foam Sclerotherapy ◽  
Average Loss ◽  
One Year ◽  
The Cost

Summary Objective: The goal of the study was to assess the effectiveness and patient tolerability of single-session, sonographically guided, transcatheter foam sclerotherapy and to evaluate its economic impact. Patients, methods: We treated 20 patients with a total of 22 varicoses of the great saphenous vein (GSV) in Hach stage III-IV, clinical stage C2-C5 and a mean GSV diameter of 9 mm (range: 7 to 13 mm). We used 10 ml 3% Aethoxysklerol®. Additional varicoses of the auxiliary veins of the GSV were sclerosed immediately afterwards. Results: The occlusion rate in the treated GSVs was 100% one week after therapy as demonstrated with duplex sonography. The cost of the procedure was 207.91 E including follow-up visit, with an average loss of working time of 0.6 days. After one year one patient showed clinical signs of recurrent varicosis in the GSV; duplex sonography showed reflux in the region of the saphenofemoral junction in a total of seven patients (32% of the treated GSVs). Conclusion: Transcatheter foam sclerotherapy of the GSV is a cost-effective, safe method of treating varicoses of GSV and broadens the spectrum of therapeutic options. Relapses can be re-treated inexpensively with sclerotherapy.

From transaction costs to transaction value: Overcoming the frictional paradigm

2020 ◽  
pp. 51-81
Author(s):  
D. P. Frolov
Keyword(s):  
Transaction Costs ◽  
Transaction Cost ◽  
Path Dependence ◽  
Transaction Cost Economics ◽  
Cost Minimization ◽  
Low Cost ◽  
Coase Theorem ◽  
Transactional Analysis ◽  
Transaction Sector ◽  
Transaction Value

The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.

Tennis- und Golfer-Ellenbogen

2015 ◽  
Vol 63 (4) ◽  
Keyword(s):  
Spontaneous Recovery ◽  
Clinical Symptoms ◽  
Lateral Epicondylitis ◽  
High Rate ◽  
Evidence Based ◽  
Physical Methods ◽  
Local Injections ◽  
One Year ◽  
Golfer’S Elbow ◽  
Non Surgical Treatment

“Tennis and golfer’s elbow” are common pathologies due to overload of forearm extensors and flexors, and actually occur mostly outside tennis and golf sports. Several differential diagnoses of medial and lateral epicondylitis have to be excluded as there are a number of other conditions with similar clinical symptoms. The high rate of spontaneous recovery has to be considered in treatment. Evidence based conservative treatment comprises excentric physiotherapy, local injections, and physical methods. Surgery is reserved for patients with persistence of symptoms for more than one year despite non-surgical treatment.

Obtaining Secondary Treatment with RBC/Underflow Clarifiers

1982 ◽  
Vol 14 (6-7) ◽  
pp. 429-442
Author(s):  
I L Bogert
Keyword(s):  
Treatment Process ◽  
High Rate ◽  
Experimental Program ◽  
Secondary Treatment ◽  
Lower Zone ◽  
Treatment Efficiency ◽  
Winter Conditions ◽  
Rotating Biological Contactors ◽  
One Year ◽  
The U.S

A one-year experimental program conducted at Edgewater, New Jersey, U.S.A. evaluated the concept of providing secondary treatment by the installation of rotating biological contactors (RBC's) in modified primary sedimentation tanks. A primary tank was divided horizontally into two zones separated by an intermediate floor. Four RBC's were placed in the upper zone. The lower zone provided secondary sedimentation. High rate primary sedimentation was provided to remove grit and trash without removing substantial portions of BOD and SS. The experimental program funded by the U.S. EPA and the Borough of Edgewater was conducted over a full year at different loads. The system proved to be an effective secondary treatment process with little difference in treatment efficiency between summer and winter conditions.

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