In Ronald Coase's Nobel winning Coase theorem, if two bargaining parties have zero transaction costs, well defined property rights over the good and there are no income effects
1
They will never reach an efficient bargaining solution for the good.
2
They will always reach an efficient bargaining solution for the good.
3
They will reach a bargaining solution with government intervention.
4
They will never be able to reach an efficient bargaining solution even with governmental intervention.