The more knowledge the other agent has on how to use the resource in order to give utility directly to you or to someone else which can pay something you value more than the resource itself, the more possible that you prefer to leave the resource to that other agent.
Thursday, February 12, 2009
Coase Theorem of the use of resources re-expresed in terms of information
Even if you have the possession on some resource, it could be that the cost of using it be so valued by you that you prefer to leave it to other agent's control.
Labels:
information,
praxeology
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