The Endowment Effect and the Coase Theorem
科斯定理预测资源配置与责任规则无关，但前提是个人对资产的获取与损失估值相同。本文指出禀赋效应使边际替代率受影响，导致产权持有者更可能保留资产，科斯定理不再成立。
Abstract The Coase theorem prediction that the final allocation of resources will be independent of the liability rule relies on one important assumption: an individual will value a right or an asset the same whether considering its acquisition or its loss (MWP maximum willingness to pay should equal MCA minimum compensation to accept). However, the marginal rate of substitution between one good and another seems to be affected by a phenomenon described as the endowment effect. In such a case, the individual who is assigned the property right is more likely to retain it and the Coase theorem does not hold anymore.