In one paper, this economist discussed the interplay between monopolies which lower prices of durable goods after selling at the monopoly price and consumers who know that the lower price is coming.
In one paper, this economist discussed the interplay between monopolies which lower prices of durable goods after selling at the monopoly price and consumers who know that the lower price is coming. He and fellow professor James Buchanan were allegedly forced out of UVA because of their conservative politics. One of his papers cites a case in which a doctor was unable to listen to his patient's hearts because of a neighboring confectioner's kitchen. He compared airwave bandwidth to Rembrandts in arguing the FCC should auction TV and radio space. He noted that a cattle rancher who damages a farmer's land will privately work out the most economically efficient recompense in the absence of transaction costs. For 10 points, name this economist who wrote "The Problem of Social Cost."
In one paper, this economist discussed the interplay between monopolies which lower prices of durable goods after selling at the monopoly price and consumers who know that the lower price is coming.
Ronald Coase