externalities. We find that decentralized behavior can lead to the emergence of a technical standard but can also result in a …

emissions and other sources of local consumption externalities. Even when the direct effects of such products are limited to a …

negative production externalities exist. We find that the welfare implications of both regimes starkly differ from those under … consumption externalities, implying that the source of externalities is crucial to shaping the desirability of alternative product …