[grimtrigger]

Before one goes to apply the Coase Theorem too broadly, it is important to note its limitations. The obvious ones are named by Coase himself: liquidity constraints, poorly defined property rights, and (of course) transaction costs.

What came about much later is the Endowment Effect: that people value things they own more highly than than an identical good that they do not own. Thus initial allocation of property rights matters, even when the common constraints are satisfied.

http://en.wikipedia.org/wiki/Endowment_effect