An interesting implication, taking the high-level proposition at face value, is that one would expect to see a lot of behavior (more than one might naively expect) with negative externalities whose costs fall under the threshold of the transaction costs which would be required to compensate those affected.
An interesting implication, taking the high-level proposition at face value, is that one would expect to see a lot of behavior (more than one might naively expect) with negative externalities whose costs fall under the threshold of the transaction costs which would be required to compensate those affected.