Concept of asset specificity

Concept of asset specificity

QUESTION 1:
Please explain the concept of asset specificity, give some examples of asset specificity and explain why it may cause problems in economic transactions? (Think, whether the asset specificity is the only source of bargaining power of negotiators? (Bargaining theories and models).
QUESTION 2
Please provide a definition of Coase Theorem and explain what are its implications for institutional design and offer some practical example(s) of application(s).
QUESTION 3
Discuss the omissions in the TCA research, the limitations of the TCA and Demsetz’ critique of the TCA.

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