"The appeal of zero transaction costs is really strong and extremely disruptive for a massive industry, the payments industry, " he said.

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Since standard economic theory assumes transaction costs to be zero, the Coase Theorem demonstrates that the Pigovian solutions are unnecessary in these circumstances.

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In this strategy, called a zero-cost collar, your costs are limited to your transaction costs alone, since your proceeds from selling the calls will zero out the cost of the puts.

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