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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?

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The command and control approach is assessed.

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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 ...

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