科斯第一定理概括为当交易成本为零时,无论产权在法律上如何安排,私人谈判都会导致资源的优化配置。但是在现实生活中由于信息的不对称,交易成本不可能无为零,当交易成本很高,足以阻止谈判时,有效的资源利用将取决于产权的安排,这就是所谓的科斯第二定理,虽然这些理论极大的推动法和法和经济的拓展,但是本身也存严重的缺陷。 Coase’s first theorem is summarized as that when the transaction cost is zero, no matter how the property rights are arranged in law, private negotiation leads to the optimal allocation of resources. However, due to the asymmetric information in real life, the transaction cost can not be nothing. When the transaction cost is high enough to stop the negotiation, the effective utilization of resources will depend on the arrangement of property rights. This is the so-called Coase Second Theorem. These theories greatly promote the development of law and law and the economy, but they also have serious flaws.