This note is a part of my Zettelkasten. What is below might not be complete or accurate. It is also likely to change often.
20th July, 2020

Coase's Theorem

If Transaction costs of the market is 0, allocation of property rights is irrelevant from the standpoint of Allocation Efficiency since the property will be transferred from lower value to higher-value through bargaining.

However, transaction cost is never 0. So, initial allocation is important.