Coase's *theorem* is about the allocation of rights in the absence of transaction costs going to the Pareto-optimal outcome. It's not about marginal cost, which was different work of his, and doesn't relate to the cost of the transaction itself but the good being transacted.
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If you went to the law school that I did, you'd be spergy (and quite knowledgeable) about Coase too. It's not like I took an entire course just on the Law & Economics of IP or anything like that.
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