This paper analyzes liability rules when consumers and third parties/the environment incur harm. Expected harm is … convex in the level of output and modeled as a power function. We show that the social ranking of liability rules previously … established for the case in which only consumers suffer harm (strict liability dominates no liability and negligence) may be …

Free mobility has not been thought of as an effective tool to correct over- or underproduction of externalities. In … this paper, we establish that foot voting can internalize the cost of negative externalities. Workers have to accept the … can effectively influence the equilibrium wage and rent to reflect the externalities by threatening to walk away if the …

twenty location-specific amenities, in five broad categories from environmental to market depth, are reflected in costs of … indivisibilities related to tenant search costs or a desire on the part of buyers to lock in access to amenities. Such lock-in concerns …

argument in favor of subsidizing owner-occupied housing is that it creates positive externalities or social benefits that … offset these adverse effects. This paper tests whether homeowners create positive externalities to their immediate … evidence of positive externalities from neighborhood homeownership rate. This result is robust to relaxing the identification …