haku: @indexterm SOCIAL COSTS / yhteensä: 52
viite: 11 / 52
| Tekijä: | Keppler, J. H. |
| Otsikko: | Externalities, fixed costs and information |
| Lehti: | Kyklos
1998 : VOL. 51:4, p. 547-563 |
| Asiasana: | EXTERNALITIES FIXED COSTS TRANSACTION COSTS TAXATION SOCIAL COSTS |
| Kieli: | eng |
| Tiivistelmä: | The well-known theoretical solutions to the problem of externalities developed by Pigou and Coase - taxation according to measured preferences, bargaining under low transaction costs - have restated 'the problem of social cost', rather than addressed it: externalities exist where preferences are difficult to measure and transaction costs are high. Building on Arrow's conjecture that the existence of externalities is equivalent to the non- existence of markets, the article demonstrates that externalities are characterised by informational complexity and high transaction costs. As an appropriate response capable of addressing the complexity and the dynamic nature of externalities institution-based approaches are presented. |
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