Coase is not saying that we should pretend that free markets and Coasian bargaining will render transactions costs moot.
The Coase Theorem essentially states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.
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They can either consolidate in order to gain new brands, cut costs and increase their bargaining power.
The second was a show of deference to Hiroshi Okuda, Toyota's chairman, who heads the Keidanren, a powerful business federation, which stands for company management and is a vocal advocate of both lower labour costs and wage-bargaining reform.
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The surgeons now use a single manufacturer for seventy-five per cent of their implants, giving the hospital bargaining power that has helped slash its knee-implant costs by half.
Smaller companies with little bargaining power and less access to credit ultimately could see their costs rise, pinching funds that could otherwise be spent on hiring or investments.
Over the next five years his company plans to increase its number of beds to 30, 000, making it the largest private-hospital group in India and giving it more bargaining power when it negotiates with suppliers, thus driving down costs further.
With so many different collective-bargaining agreements, health care plans and pension obligations, the administrative costs and competing demands alone will force many businesses to fold.
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But the government's environmental worries, and anger over Sakhalin Energy's costs, seem to have something to do with Gazprom's bargaining.
True health care security, which I believe we accomplished by passing the health care reform that expands coverage and, equally as important, controls costs over the long haul, a level playing field for those who would pursue collective bargaining in the workplace.
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