In the Ravens-Orioles example, the initial allocation of property rights below to the Orioles in the sense that their 2013 schedule was determined well before the Ravens 2013 schedule.
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.
She had previously worked with two icons of the gardening world Russell Page on her Texas property and the late modernist Dan Kiley on the initial layout of her Connecticut property before turning to Cox.
