List and very briefly explain the three problems encountered with the use of property rights as a technique to internalize externalities.

Question

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The Answer is Property rights fail to result in the socially efficient level of emissions when:1)transactions costs are too high due to the presence of numerous parties to be involved in the negotiating process;2)property rights cannot be assigned due to the good being a public good such as an open access fishery;and 3)some other laws prevent property owners from capturing the full social value of the resource in question.

List and Very Briefly Explain the Three Problems Encountered with the Use