主题：哲学与科学 -- 达萨

The theorem applies to the cases without transaction fee. Now you are using a case with large transaction fee to over turn the theorem. I know what your were trying to say. You meant that the assumption of zero transaction fee is not true, so therefore the theorem is not valid. In physics, there is no perfectly frictionless motion,so therefore Newton's 2nd law can be over turned?

Then why can Coase theorem still be a tool in the economics? Some economic activities have low transaction fee or even approach zero transaction fee.