Learn how economists measure externalities using equilibrium models, cost assessments, and qualitative methods. Gain insight into real-world and theoretical impacts.

Most economic externalities can be efficiently solved through a system of private property rights, in which costs and ...

Consumption, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...

Introductory-level economics uses supply and demand curves to identify the "ideal" price for a product, service or other economic activity. In Econ 101, these curves assume that the economy is working ...

CONSUMPTION, production, and investment decisions of individuals, households, and firms often affect people not directly involved in the transactions. Sometimes these indirect effects are tiny. But ...

Wine growers everywhere fear spring frosts. New vine buds emerge in the spring and are highly susceptible to freezing temperatures which can kill them and result in significant crop loss for the year.

THE logic behind congestion pricing—tolling roads to maintain free-flowing traffic conditions—is pretty straightforward. When a driver enters a road space, he receives some benefit (the mobility ...

Many economic models are constructed on the basis of an equity-efficiency trade-off, assuming that equality comes at the cost of efficiency. This column argues that inequality is better understood as ...

To what extent does the digital world create a culture in which responsibility is denied or avoided, and what are the consequences of this failure to take ownership of a problem? Taking responsibility ...

This study investigates the effects of network externality on the policy competition between two countries regarding their attempts to attract a multinational enterprise (MNE). The two countries have ...