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Property rights develop to internalize externalities when the gains of internalization become larger than the cost of internalization (Demsetz 1967), just like ________ develop to

Property rights develop to internalize externalities "when the gains of internalization become larger than the cost of internalization" (Demsetz 1967), just like ________ develop to internalize externalities between parties.

Transaction costs

Regulations

Contracts

Legal enforcement

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