In a zero transaction cost world, bargaining strength does not affect the efficiency of outcomes;
在一个零交易费用的世界，谈判力量并不影响结果的有效性；
Since transaction cost is not zero, there cannot be automatic "equal exchange" or economic organization without supervision.
交易费用不为零，就既不存在自动的“等价交换”，也不存在不需要经营、监督和管理的经济组织。
The question is that in the real world, transaction cost can never be zero.
问题是，真实世界里的交易费用绝不为零。
From the economic point of view, if the cost of default is zero, the constraint will be lost, inevitably leading to the loss of transaction security.
从经济学角度，如果当事人违约成本为零时违约行为将失去约束，必然导致交易安全的沦丧。
Coase's valuable theorem says that if the transaction cost is zero, the transaction will reach the Pereto economic optimum efficiency with a clear definition of property rights.
前言：科斯的效益定理认为，如果交易成本为零，那么明确的产权界定都会达到经济效率帕累托最优。
Coase is certainly right with respect to neoclassical microeconomic textbooks that deal with models of zero-transaction-cost type.
就处理零交易费用类模型的新古典微观经济学教材而言，科斯无疑是正确的。
Coase is certainly right with respect to neoclassical microeconomic textbooks that deal with models of zero-transaction-cost type.
就处理零交易费用类模型的新古典微观经济学教材而言，科斯无疑是正确的。
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