Allocation Problems in a Market Economy

Hans Wiesmeth
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Hans Wiesmeth: TU Dresden, Faculty of Business and Economics

Chapter Chapter 5 in Environmental Economics, 2022, pp 71-95 from Springer

Abstract: Abstract The following sections provide a formal description of how to solve the allocation problems in a simple model of a market economy. The analysis is initially limited to the case of an economy with private commodities on regular markets, which serves as a “benchmark”. After that the investigations are extended to an economy which includes environmental or external effects. The formal model, adapted to specific externalities, shows the impact of environmental effects on the basic structure of the economy and the effects on the functioning of the market mechanism. The final section refers to public commodities and the public good characteristics of many environmental commodities.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-05929-2_5

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DOI: 10.1007/978-3-031-05929-2_5

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