The extent of voluntary cooperation in the presence of externalities is shown as an equilibrium outcome in the supply … character of the costs resulting from externalities. The paper discusses applications including forest management, volume …

commit to contracts, virus externalities are local, and competitive equilibria are efficient. The Second Welfare Theorem also … their infection status. If society cannot control virus exposure, then virus externalities are global and competitive … externalities and result in inefficiently high economic activity. If agents cannot commit, competitive equilibria are inefficient …

-digit level. Overall, we find that only three of the twenty industry categories show any evidence of internal increasing returns …industry and internal to the U.S.. According to our preferred estimates, if all manufacturing industries simultaneously …. Thus, when an industry increases its inputs in isolation by 10%, its output rises by no more than 8% …