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20 November, 12:56

Offering to pay the passenger in front of you to keep her from reclining her airplane seat is an example of

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  1. 20 November, 13:26
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    The answer is: a Coasian solution to an externality situation

    Coasiaon solution refers to a way of thinking that people have that make them willing to have some sort of economic expense in order to solve an external problem rather than having to endure a certain level of discomfort.

    This type of behavior is much more common if the 'expense' is considered as a low transaction cost and both parties involved will both gain some sort of value from the exchange.
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