Wonderful article. Coase's insights into how to resolve the tragedy of the commons is profound. I only wish that we can apply his ideas more completely in our society. A property right approach doesn't assume a particular outcome, instead it allows individuals to participate in exchange to establish the value. Here Vernon Smith with his work in experimental economics shows how quickly a price can be found.
I dissagree with Coase on who initially owns the the property right. I think the path of creation does matter. Here is an article I wrote on applying Coase to create a property rights based approach to environmental regulation.