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How does Block’s example of a flower bed (with high sentimental value) upset the Coasian analysis?

Murphy

Posted 10 September 2005 - 07:56 PM

How does Block’s example of a flower bed (with high sentimental value) upset the Coasian analysis?

Posted 30 October 2008 - 01:07 PM

This is really about non-monetary or Psychic value to the owner. The psychic value may be greater than the asset value. If the courts decide against the flower bed, how will the owner get recompense? He can't get a loan to offset or bribe the damager (No collateral, at least not the flower bed itself!) Thus the flowers are less $$ or efficency in the marketplace than the factory. The flowers lose!
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