考核成本和市场组织

TheJournalofLAWECONOMICSR.H.COASE,WILLIAMM.LANDES,DENNISW.andFRANKH.EASTERBROOKAssistantEditorJILLM.KOSAKTheJournalofLawandEconomics(ISSN0022-2186)ispublishedsemiannually,inAprilandOctober.SubscriptionratestoTheJournalofLawandEconomicsandcombinationratesforsubscriptiontoTheJournalofLawandEconomicsandTheJournalofLegalStudies:OneYearTwoYearsSubscriberJLEJLEInstitution$20.00$34.00$36.00$61.20Individuals15.0025.5027.0045.90UCLawSchoolAlumni12.0020.4021.6036.72Students*12.0020.40*Writtenverificationbyafacultymembermuststudentsubscription.OutsidetheU.S.A.anditspossessionsadd$2.00foreachyear’ssubscriptiontocoverpostage.Singlecopyrates:institutions$9.00;individuals$7.00.ChecksshouldbemadepayabletoTheJournalofLawandEconomics,TheUniversityofChicagoPress,11030SouthLangley,Chicago,Illinois60628.SubscribersarerequestedtonotifythePressandtheirlocalpostmasterimmediatelyofchangeofaddress,givingboththeoldandthenewaddresses.Pleaseallowfourweeksforthechange.Postmaster:sendaddresschangestoTheJournalofLawandEconomics,TheUniversityofChicagoPress,EllisAvenue,Chicago,Illinois60637.Claimsformissingnumbersshouldbemadewithinthemonthfollowingtheregularmonthofpublication.Thepublisherexpectstosupplymissingnumbersfreeonlywhenlosseshavebeensustainedintransitandwhenthereservestockwillpermit.Copyingbeyondfairuse:Thecodeonthefirstpageofanarticleinthisjournalindicatesthecopyrightowner’sconsentthatcopiesofthearticlemaybemadebeyondthosepermittedbySections107or108oftheU.S.CopyrightLawprovidedthatcopiesaremadeonlyforpersonalorinternaluse,orforthepersonalorinternaluseofspecificclientsandprovidedthatthecopierpaystatedper-copyfeethroughtheCopyrightClearanceCenter,Inc.OperationsCenter,P.O.BOX765,Schenectady,NewYork12301.Torequestpermissionforotherkindsofcopying,suchascopyingforgeneraldistribution,foradvertisingorpromotionalpurposes,forcreatingnewcollectiveworks,orforresale,kindlywritetothepublisher.Manuscriptsandeditorialcorrespondenceshouldbeaddressedtotheeditor,TheJournalofLawandEconomics,TheUniversityofChicagoLawSchool,1111East60thStreet,Chicago,Illinois60637.ThirdClasspostagepaidatChicago,Illinois.1982byTheUniversityofChicago.Allrightsreserved.IThismaterialmaybeprotectedbycopyrightlaw17U.S.Code).”LAWECONOMICSxxvAPRIL1982CommodityBundlingbySingle-ProductMonopoliesByRICHARD...................TheCoaseTheorem:SomeExperimentalTestsByELIZABETHHOFFMANANDMATTHEWL.....................................APositiveTheoryofEnvironmentalQualityRegulationByMICHAELT.MALONEYANDROBERTE.MCCORMICK.,......................,......FranchiseRegulation:AnEconomicAnalysisofStateRestrictionsonAutomobileDistribution...ByRICHARDL.SMITHII....................CompliancewiththeOvertimePayProvisionsoftheFairLaborStandardsActByRONALDG.EHRENBERGANDPAULL.SCHUMANN.................................ExclusiveDealingByHOWARDP.MARVEL.........,,......................MeasurementCostandtheOrganizationofMarketsByYORAM.....................................Insurance,Liability,andAccidents:ATheoreticalandEmpiricalInvestigationoftheEffectofNo-FaultAccidentsByELISABETHM.LANDES............................,.12749677399125159MEASUREMENTCOSTANDTHEORGANIZATIONMARKETS*YORAMBARZELWashingtonandHooverPEOPLEwillexchangeonlyiftheyperceivewhattheygettobemorevaluablethanwhattheygive.Toformsuchperceptions,theattributesofthetradeditemshavetobemeasured.Somemeasurementsareeasytoobtain;othersposedifficulties.Forexample,determiningtheweightofanorangemaybealow-cost,accurateoperation.Yetwhatisweighedisseldomwhatistrulyvalued.Theskinoftheorangehidesitspulp,makingadirectmeasurementofthedesiredattributescostly.Thusthetasteandtheamountofjuiceitcontainsarealwaysabitsurprising.Thegrower,moreknowledgeablethantheconsumer,maygainbymakingthesurpriseanunpleasantone.Thepotentialerrorsinweighingthecommodityandinassessingitsattributespermitmanipulationsandthereforerequiresafeguards.Thecostsincurredbythetransactorswillexceedthoseunder,jointmaximization.Asamplingofactivitiesthatarisesolelythesecostsareposi-tivemayhintathowcostlythemeasurementofcommodityattributesis.Hadproductinformationcostless,warrantieswoulddisappearsinceattributelevelsanddefectscouldbeeffortlesslyidentifiedatthetimeofexchange;fancypackaging(unlessvaluedforitsownsake)aswellastheConsumerReportandtheGoodHousekeepingSealwouldbesuper-*StevenCheungshouldbecreditedwithpointingouttheimportanceofthe“measure-mentproblem.”ThanksareduetoChristopherHallforhispenetratingcomments.IalsoreceivedvaluablecommentsfromKeithAlchian,StevenCheung,JohnKeithLeffler,andJohnAepisodedramaticallyillustrateshowcostlysomemeasurementsmightbe.InoneBauer’ssportinggoodsstores,sneakersweremarkeddowntoalmostathirdoftheregularpriceafterasingle“defect”found:theirsizemarkingsweremissing.(ThankstoDeanWorcesterfortheinformation.)Presumably,thecosttoEddieBauerofmeasuringthesneakers’sizes,andperhapsofconvincingconsumersthatnothingelsewasfaulty,perceivedasmorethanretailprice.Theinducementrequiredtocompen-sateconsumersforundertakingthemeasurementwasobviouslysmallerthanEddieBauer’scost,butstillverysubstantial.[Journa