One of the major problems in applying the Coase Theorem in practice is the existence of high transaction costs. Propose an approach that a third party could use that would reduce these costs...

One of the major problems in applying the Coase Theorem in practice is the existence of high transaction 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?