1. Property Rights
... party may intrude despite economic or social welfare arguments of compromised efficiency. The nature of property rights fails to ensure protection of third parties due to the inability to adequately define them. As in the example of noise pollution, the concept of assigned ownership for the air above a neighborhood is not easily established, just as an airport cannot claim unique rights ... the harmee through government regulations. For the purpose of this paper, however, I will focus on the Coasian framework. According to Coase, the airport and the neighborhood have the ability to rect...
- Word Count: 816
- Approx Pages: 3
- Grade Level: Undergraduate