Economic theory has generally akcnowledged the role that institutions have in shaping economic space. The distinction … for externalities" is misleading since it tends to imply that there is more to externality than simply the non … detrimental nature of externality. Indeed, Arrow markets will not in general eliminate externalities. In a similar vein it is not …

government intervention to solve them. Externalities (or "social costs") are viewed as perhaps the greatest market failure … context of Ronald Coase's article on "The Problem of Social Cost." Coase explained that externalities manifested a more … transactions costs is not helpful in resolving questions concerning externalities. Even if transaction costs were zero …

environmental externalities such as pollution. We argue that consumer contracts generate externalities by overwhelming consumers …

investigate the incentives to expend effort for a prize that produces consumption externalities and consider alternative … regulatory policies. We find relatively more global consumption externalities will increase (decrease) rent seeking when … consumption externalities are negative (positive). We show how introducing Pigouvian taxation (possibly with revenue transfer) and …