Ostrom and Coase's Criticisms to Standard Approaches

In this video, Gary Libecap, Distinguished Professor at the University of California, Santa Barbara, discusses the approaches of Elinor Ostrom and Ronald Coase on dealing with resource allocation. He explains the reasoning behind Coase's principle of having the beneficiary and not the polluter paying as a solution to environmental problems. He also discussed Coasean bargaining and the issues with the initial distribution of property rights.