On Fri, Dec 26, 2025 at 05:13 AM, Jim Farmelant wrote: > > Actually it was other people who interpreted Coase's analysis in terms of > two-person games.
Obviously it was other people who criticized the limitations of Coase's examples. Anatol Rapoport pointed out that his scenario would only work in the circumstance of stable coalitions from which there was no potential to benefit from defecting. My own criticism is related but focused on Coase's attention only to part two of Pigou's Economics of Welfare. In part three, Pigou discussed a situation that was effectively to an n-person game -- the determation of the hours of labour. Pigou's analysis was based on S.J. Chapman's 1909 Economic Journal article, "Hours of Labour," where Chapman pointed out that competition between workers for employment and competition between employers for lower costs would tend to result in hours of labour that were sub-obtimal in terms of both worker welfare and output. I am not aware of Coase's response to the n-person game criticism and would welcome sources. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#39872): https://groups.io/g/marxmail/message/39872 Mute This Topic: https://groups.io/mt/116944738/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
