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| Author: | Vatn, A. Bromley, D. |
| Title: | Externalities - a market model failure |
| Journal: | Environmental and Resource Economics
1997 : MAR, VOL. 9:2, p. 135-151 |
| Index terms: | EXTERNALITIES RIGHTS ISSUES SOCIAL COSTS |
| Language: | eng |
| Abstract: | The authors focus here on a set of conceptual problems related to the accepted theory of externalities. They are primarily concerned with difficulties that arise when a theoretical system is extended beyond its logical domain. This is the practice in externality theory when the market model assuming independent agents is used to analyze physical interdependency. The different kinds of dependencies obscure the standard use of the Paretian analysis, as the issues of rights and efficiency are mixed up. |
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