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 …

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 …

externalities', an increase in the size of the market brings forth additional products valued by others with similar tastes. But who … benefits whom? We examine the patterns of and mechanisms for preference externalities between black and white and between … preference externalities are large and positive within groups, they are small and possibly negative across groups. For example …

Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities … preferences for commodities, public goods, and externalities are heterogeneous. When preference differences are observable …