One way of stating the Coase theorem is that "in the absence of transactions costs, the property right to an activity will be acquired by the party that values it most." This suggests that if environmentalists initially value a wetlands more than a developer (who wants to convert that wetlands into a subdivision), then if the developer happens to acquire that land, environmentalists can save the wetlands by simply purchasing the wetlands from her. Explain how the existence of endowment effects may interfere with the process of bargaining, and may potentially result in a less than optimal allocation of resources.