technologies which reduce the cost of pollution abatement. The innovating firm can patent this innovation and use a licensing fee … to generate revenue. In a world of certainty, the first best level of innovation and abatement can be supported by either … a pollution tax or a marketable permit. However, the returns to the innovator from innovation are not the same under the …

This paper examines the regulation of technological innovation direction under uncertainty about potential harms. We …

We examine the role of consumption externalities in the demand for pharmaceuticals at both the brand level and over a … equations describing the dynamic adjustment process. We find that consumption externalities influence both valuations and rates …

capital gain position of the fund. This paper's simulations show that these externalities are important determinants of the …

This paper presents a simple but quite general framework for analyzing the impact of informational externalities. By … identifying the traditional pecuniary effect of these externalities which nets out,the paper greatly simplifies the problem of …

programs to alleviate these intergenerational externalities. Specifically, the sub-optimal investment in offspring human …'s education. Less obvious externalities may result when parents underinvest in themselves because they fail to consider spillover … intergenerational externalities in greater detail …

meaningful fire sale externalities in the mutual fund industry …

optimal, their marginal benefit of addressing externalities should equal their marginal cost of distorting risk-sharing. These … externalities that would rationalize existing regulations as optimal. I conduct a revealed-preference exercise using this portfolio … and test whether the recovered externalities are sensible. I find that the signs of existing CIP violations are …