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Ronald Coase claimed that when many people are affected by negative externalities, it becomes difficult to negotiate a mutually beneficial outcome due to:
Confirmation Bias
A tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.
Framing Effect
The tendency of people to react differently to a particular choice or situation depending on how it is presented.
Heuristics
Mental shortcuts or "rules of thumb" that simplify decision-making processes, often used to make quick, efficient judgments.
Algorithms
Step-by-step procedures or formulas for solving problems, typically implemented by computers.
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