Land Openings on the Georgia Frontier and the Coase Theorem in the Short- and Long-Run∗
Land Openings on the Georgia Frontier and the Coase Theorem in the Short- and Long-Run∗
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乔治亚州边境的土地开放以及短期和长期的科斯定理*
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
J. Ferrie
中科院分区：
文献类型：
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作者：
Hoyt Bleakley;J. Ferrie
科斯定理以低交易成本显示了市场中效率和初始分配的独立性，而最近的“市场设计”文献强调了正确初始分配的重要性。我们研究了美国佐治亚州边境开放后两个世纪内的土地利用动态，与邻国相比，佐治亚州是通过预先测量的网格向不同地块大小的移民开放的。使用双重差分法和间断回归法，我们测量了初始地块大小（由测量员网格分配）对土地开放几十年后农场规模演变的影响。初始地块大小预测土地开垦后 50-80 年内基本上是一对一的农场规模。初始条件的这种影响逐渐减弱，150年后才消失。我们估计，在 19 世纪末，最初的分配不当导致该地区的土地价值下降了 20%。这一事件表明，从（非常）长期来看，科斯定理的相关性，但糟糕的市场设计可能会在中期（在本例中是一个多世纪）导致巨大的成本。
The Coase Theorem, with low transaction costs, shows the independence of efficiency and initial allocations in a market, while the recent “market design” literature stresses the importance of getting initial allocations right. We study the dynamics of landuse in the two centuries following the opening of the frontier in the U.S. state of Georgia, which – in contrast with neighboring states – was opened up to settlers with a pre-surveyed grid in waves with differing parcel sizes. Using difference-in-difference and regression-discontinuity methods, we measure the effect of initial parcel sizes (as assigned by the surveyors’ grid) on the evolution of farm sizes decades after the land was opened. Initial parcel size predicts farm size essentially one-for-one for 50-80 years after land opening. This effect of initial conditions attenuates gradually, and only disappears after 150 years. We estimate that the initial misallocation depressed the area’s land value by 20% in the late 19th century. This episode suggests the relevance of the Coase Theorem in the (very) long run, but that bad market design can induce significant costs in the medium term (over a century in this case).
DOI：
10.1093/qje/qjs011
发表时间：
2012-05
期刊：
The quarterly journal of economics
影响因子：
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作者：
Bleakley H;Lin J
通讯作者：
Lin J