What are the conditions of efficient resolution to dispute

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Externalities. A neighbor has rented his house to students who like to party late into the night. I like to get to go to sleep early to make it to my 8AM classes.

What are the conditions of an efficient resolution to this dispute?

If there is a law protecting my right to quiet, what can the students and their landlord do to continue their party? Can there be an efficient outcome? Would you expect this to happen?

If there is a law allowing noise (or at least no law prohibiting it), then what could I (and my other neighbors) do to get rid of the party (legally)? Can there be an efficient outcome? Would you expect this to happen?

Reference no: EM131005089

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