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When it is costly for the renter to prevent Verticillium wilt, and costly for the landowner to observe the renter's actions, a contract may not suffice to internalize the intertemporal externality.
The Court rejected equal protection and other constitutional claims against the zoning measure and relied on a mix of environmental and social externality rationales.
This is not the case in our framework: even if [sigma] = 1, non-Ricardian hours may vary due to the externality term [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII].
Thus, we could estimate the accident externality conditional on the individual's own driving.
The positive externality will come as no surprise: the vaccinated individual's resulting immunity contributes to "herd immunity" that confers protection on the community at large and on unvaccinated individuals, in particular.
Again, given that compactness is not correlated with the size of the radius externality but merely the political one, this finding indicates that the political externality has a causal impact on municipal policy.
One way of alleviating the problem of externalities would be for the two separate firms to merge so that the externality is internalized and at a cost much less than if regulatory policies were instated.
The source of their error, as Walsh noted, was their unknowing introduction of transaction costs into the analysis--that the externality situations that he and Ng had described were, in reality, 'cases in which, contrary to the Coase assumptions, the costs of some transactions are fairly large' (1975: 275).
A corrective carbon tax, for instance, set equal to an expected marginal damage, ensures an efficient outcome by internalizing the negative externality.
This type of externality with multiple benefits is one that typically occurs in the innovation process because innovation often results in better quality and performance, lower prices, benefiting more customers and producers (Goto and Suzuki, 1989).