Just wanted to point out that you restated what was said in the parent.
>In practice, there may be costs associated with negotiations (e.g. lawyers), it may be infeasible to negotiate between all parties (e.g. if there are many farmers affected), or property rights are not sufficiently strong for one party to bar another from producing negative externalities, all of which can lead to failures of the theorem.
>In practice, there may be costs associated with negotiations (e.g. lawyers), it may be infeasible to negotiate between all parties (e.g. if there are many farmers affected), or property rights are not sufficiently strong for one party to bar another from producing negative externalities, all of which can lead to failures of the theorem.