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n agents located along a river generate residues that then require cleaning to return the river to its natural state, which entails some cost. We propose several rules to distribute the total pollutant-cleaning cost among all the agents. We provide axiomatic characterizations using properties...
Persistent link: https://www.econbiz.de/10010148163
This paper quantifies the welfare cost of consumption externalities in an endogenous growth model with habit formation … past consumption. Although utility may be lower in the presence of consumption externalities, the welfare loss relative to …
Persistent link: https://www.econbiz.de/10009959110
We introduce social capital accumulation into a neoclassical model, showing how it differs from physical and human capital accumulation. We take the view that social capital is crucial to the enjoyment of socially provided goods and that it is mainly accumulated by means of participation to...
Persistent link: https://www.econbiz.de/10010080116