Lecture 12 - Accountability and Greed in Investment Banking
recorded by: Yale University
published: July 31, 2012, recorded: October 2009, views: 3220
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description
Professor Rae explores the creation of incentives and disincentives for individual action. The discussion begins with the Coase Theorem, which outlines three conditions for efficient transactions: 1) clear entitlements to property, 2) transparency, and 3) low transaction costs. Professor Rae then tells the story of a whaling law case from 1881 to highlight the power of incentives and property rights. The conversation then moves to Hernando de Soto's portrayal of the development of property rights in the American West, and then shifts to a discussion of New Haven deeds, property values, and valuation of real estate. The lecture concludes with a discussion of Mory's.
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