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Coase Theorem
The Coase theorem says that if property rights are clear and bargaining is costless, parties will bargain to an efficient outcome regardless of who holds the initial right — the assignment affects distribution, not efficiency.
China Property Cycle
China Property Cycle — Developer stress and land sales impacting global commodities and EM growth.
Evergrande / China Property 2021
Evergrande’s 2021 missed payments opened a still-running Chinese property and LGFV credit squeeze — a developer-leverage and pre-sale trust crisis under a political deleveraging campaign.
Law of Iterated Expectations
The law of iterated expectations says E[E[X | finer info]] = E[X | coarser info] — you cannot improve an expectation by forgetting information, and towers of forecasts must nest.
China Property Cycle
China Property Cycle — Developer stress and land sales impacting global commodities and EM growth.
Coase Theorem
The Coase theorem says that if property rights are clear and bargaining is costless, parties will bargain to an efficient outcome regardless of who holds the initial right — the assignment affects distribution, not efficiency.
Evergrande / China Property 2021
Evergrande’s 2021 missed payments opened a still-running Chinese property and LGFV credit squeeze — a developer-leverage and pre-sale trust crisis under a political deleveraging campaign.