alt Hacker NewsWhat seems intuitively wrong as a layperson new to this about Coase's theory, is that the "surprising" collapse in prices to marginal cost "in period 1" assumes that consumers have no marginal utility, and thus no price sensitivity, of consuming the good sooner rather than later.
If that fails. Coase's argument fails. No?
Indeed, having a hard time thinking of anything I desire that I wouldn’t want sooner rather than later. Maybe a grave yard plot — hopefully won’t need that anytime soon.