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One of the major problems in applying the Coarse Theorem in practice is the existence of high transaction costs. Propose an approach that a third
One of the major problems in applying the Coarse Theorem in practice is the existence of high transaction costs. Propose an approach that a third party could use that would reduce these costs sufficiently so that bargaining couldproceed. How likely is the solution to be efficient, and why? Do you think government intervention in the market will allow for markets to allocate resources, efficiently or not?
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