possibility of trade in spot markets creates externalities, as spot prices and the bindingness of collateral constraints interact …. We propose a market based solution which overcomes the externalities problem and obviates the needs for any government …

We propose a theory-inspired measure of the accessibility of a city's center: the size of the surrounding area from … comes at the cost of less green space, more congestion, and worse health and pollution externalities …

technology, prices, and factor supplies. The model is based on the neoclassical theory of production, and is implemented by …

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 …

The recent literature on local schooling externalities in the U.S. is rather mixed: positive external effects of … average education levels are hardly to be found but, in contrast, positive externalities from the share of college graduates … effect) of college educated workers. By contrast, as no externalities are associated with the traditional technology, high …