Grossman and Hart have suggested that failure of some corporate takeovers may be due to this behavior that, according to Ronald Coase, can be reduced by lowering transaction costs to near zero. In a 1968 essay, Garrett Hardin discounted the possibility of natural altruism and argued that, in the con
Grossman and Hart have suggested that failure of some corporate takeovers may be due to this behavior that, according to Ronald Coase, can be reduced by lowering transaction costs to near zero. In a 1968 essay, Garrett Hardin discounted the possibility of natural altruism and argued that, in the context of positive externalities, laissez faire policies inevitably lead to it. The tit-for-tat approach may be appropriate for one analog, the iterated prisoner's dilemma, but the concept of a public good leads to a tragedy of the commons in a more general situation. FTP, name this economic problem in which actors avoid paying for goods that cannot be taken away.
Grossman and Hart have suggested that failure of some corporate takeovers may be due to this behavior that, according to Ronald Coase, can be reduced by lowering transaction costs to near zero.
free rider problem (or free riding; prompt on tragedy of the commons before it's mentioned)