This paper presents a general equilibrium analysis of economic efficiency under externalities, transaction costs and … to hold under general conditions: the efficient management of externalities remains consistent with aggregate profit …

cost theory and of the Coase Theorem. The paper discusses main aspects of his theory and his core theoretical contributions … including more recent ones as well as their impact on the development of the economic theory and economic policy. The role of …

This paper examines the positions of Coase and Pigou in regard to the problem of external effects (externalities … 1960, Coase’s theory has been developed and has become a pillar of tort law and economics. Pigou proposed a tax as an …

-dependent externalities to the non-consumers. Resale markets for such goods are analysed in various institutional settings with complete …

We focus here on a set of conceptual problems related to the accepted theory of externalities. We are primarily … externality theory when the market model assuming independent agents is used to analyze physical interdependency. The different …. The creation of emissions and the creation of externalities are further not held apart producing flows in the efficiency …

In intermediate microeconomic textbooks the reciprocal nature of externalities is presented using numerical examples of … theory. …