One of the major problems in applying the Coase Theorem in practice is the existence of high transactions costs. Propose an approach that a third party could use that would reduce these costs sufficiently so that bargaining could proceed. How likely is the solution to be efficient and why?© BrainMass Inc. brainmass.com October 9, 2019, 7:39 pm ad1c9bdddf
This is a standard question of Environmental Economics in the chapter of command and control approach. It seems that the text is " Environmental Economics: An Introduction by Barry Field and Martha Field (4e, McGraw-Hill, 2006). ", but it's fine if another textbook is ...
The command and control approach is assessed.